ex964

B.........................................................................................................................................................M

aps

C.....................................................................................................................................Glossary

Terms

D.............................................................................................................................................JORC

Table 1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Executive Summary

1.1

Property Description

Coronado Global Resources

Inc. (Coronado)

authorized

Marshall Miller &

Associates, Inc. (MM&A)

to prepare this Technical Report Summary (TRS) of its

controlled coal resources and reserves for the

Mon Valley Complex in southwestern

Pennsylvania (Mon Valley

or the Property).

This TRS updates

the TRS titled,

“Coronado Global Resources

Inc. Statement

of Coal Resources

and Reserves for

the

Mon Valley Complex Upper Freeport Holdings in Accordance with the JORC Code and United States

SEC Regulation

S-K 1300

as of

December 31, 2022

Northern Appalachian

Coal Basin

Pennsylvania,

USA

February

2023”

dated

February 15,

2023,

due

material

differences

the

key

financial

modifying

factors

including

coal

sales

price

assumptions,

operating

costs

and

capital

costs

from

December 31, 2022 to

December 31, 2023.

Coal sales price assumptions

are discussed in

Sections

12 and 16 of the TRS, while operating costs and capital

costs are discussed in Sections 18 and 19 of

the

TRS.

The

report

provides

statement

coal

resources

and

coal

reserves

for

Coronado,

defined under

the Australasian Code for Reporting of Exploration

Results, Mineral Resources and

Ore Reserves

(JORC Code)

as well

as under

Subpart 1300

of Regulation

S-K (Regulation

S-K 1300)

promulgated by the

United States Securities and Exchange Commission

(SEC).

This report was also

prepared in accordance with the

Australasian Code for Public Reporting of Technical

Assessments

and Valuations of Mineral Assets (VALMIN

Code).

The Mon

Valley

property is

comprised of

three separate

reserve holdings,

namely,

the Pangburn,

Shaner

and

Fallowfield

proposed

underground

mines

the

Upper

Freeport

seam.

All

three

respective

reserve

areas

are

greenfield

sites

and

are

undeveloped.

The

three

mines

have

been

projected

operate

independently,

with

production

initially

beginning

Pangburn.

Shaner

projected

come

online

replacement

production

for

Pangburn,

and

Fallowfield

represents

expanded Mon Valley

production after Pangburn

is in full production.

In addition to the individual

mine/plant sites,

a barge

loading dock on

the Monongahela

River adjacent to

the Pangburn

site is

proposed and will

be used to

ship clean coal

for all three

mines.

Each mine site

will include a

coal

preparation plant and all necessary surface facilities.

Coal

resources

and

coal

reserves

are

herein

reported

metric

units

measurement

and

are

rounded to millions of metric tonnes (Mt).

The Mon

Valley

properties are

located approximately

16 kilometers

to 32

kilometers southeast

Pittsburgh,

Pennsylvania

(see

Figure 1-1

The property

is composed

of 41,615

total

hectares,

which 1,339 are leased from private landholders under two leases, and 40,276 hectares

are owned

Coronado.

Subject to

Coronado’s

exercising

its

renewal

rights thereunder,

both

of the

leases

expire

upon exhaustion of the relevant coal reserves, which is expected

to occur in 2101.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-1:

Mon Valley Complex Property Location Map

1.2

Ownership

Mineral rights for the Property were formerly controlled by Consolidation Coal

Company (CONSOL).

Coronado acquired the Mon Valley

properties from CONSOL in March 2016.

1.3

Geology

There are currently no active operations in

the Mon Valley complex.

Strata of economic interest for

this TRS are of the Pennsylvanian-age Allegheny Formation, and the subject

Upper Freeport seam is

the

principal

coal

seam

interest

for

Coronado.

The

Upper

Freeport

seam

has

been

mined

extensively in the region.

The seam is situated below drainage throughout the Property and will be

accessed by constructed mine shafts and slopes.

1.4

Exploration Status

The

Property

has

been

explored

extensively,

largely

drilling

using

continuous

coring

method,

rotary

drilling, and

by downhole

geophysical

methods.

The majority

of the

data

was

acquired

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

generated

by previous

owners of

the Property.

These sources

comprise the

primary data

used in

the evaluation of the coal resources

and coal reserves on the Property.

MM&A examined the data

available

for the

evaluation

and incorporated

all pertinent

information

into this

TRS.

Where data

appeared

to be

anomalous or

not representative,

that information

was excluded

from the

digital

databases and subsequent processing by MM&A.

Ongoing exploration has been carried out by Coronado since acquiring the Mon Valley

properties.

1.5

Operations and Development

Coronado

currently has

no active

operations

in the

Mon Valley

complex.

The mines

will produce

coal that is suitable for the high-volatile metallurgical

coal markets.

The

preliminary

design

for

the

Pangburn

mine

surface

facilities

was

provided

Coronado.

The

facilities

include

offices,

warehouses,

shops,

bathhouse

for

personnel,

preparation

plant

process run-of-mine (ROM) coal, a refuse area with a designed capacity of

approximately 35 million

refuse

tonnes,

raw

coal

storage

the

plant

totaling

approximately

100,000

tonnes,

clean

coal

storage

at the

plant site

of approximately

54,000 tonnes,

and three

clean coal

stockpiles adjacent

to the

dock loading facility

on the Monongahela

River.

The three

river stockpiles

have a

designed

capacity of

approximately

266,000 tonnes.

Processes are

expected

to be

typical of

those used

operating

coal-processing plants

and the

coal industry

in general.

The river

dock is

anticipated

also

support

production

from

the

planned

Fallowfield

and

Shaner

operations.

Room-and-pillar

mining will be employed at these properties.

1.6

Mineral Resource

Mineral

resources,

representing

in-situ

coal

from

portion

which

reserves

are

derived,

are

presented

below.

coal

resource

estimate,

summarized

Table

1-1,

was

prepared

December 31, 2023, for property controlled by Coronado.

Table 1-1:

Coal Resources Summary as of December 31, 2023

Coal Resource (Dry Tonnes, In Situ, Mt)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserves

291.0

213.5

9.3

513.8

1.4

Exclusive of Reserve

0.0

Total 12/31/2023

291.0

213.5

9.3

513.8

Note:

Resource tonnes are inclusive of reserve tonnes since they include the in-situ tonnes from which recoverable coal reserves are derived.

Note 2:

Coal resources are reported on a dry basis.

Surface moisture and inherent moisture are excluded.

Note 3: The Mon Valley properties do not have any resource tonnes exclusive of reserves as of December 31, 2023.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

1.7

Mineral Reserve

Reserve tonnage

estimates provided

herein report

coal reserves

derived from

the in-situ resource

tonnes

presented

Table

1-1,

and

not

addition

coal

resources.

Proven

and

probable

coal

reserves

were

derived

from

the

defined

coal

resource

considering

relevant

mining,

processing,

infrastructure,

economic

(including

estimates

capital,

revenue,

and

cost),

marketing,

legal,

environmental, socioeconomic and regulatory factors.

The Resource estimate has been used as

the

basis for this Reserve calculation, which utilizes

a reasonable Preliminary Feasibility Study,

a Life-of

Mine (LOM) Mine Plan and practical recovery factors.

Production modeling was completed with an

effective start date

of May 1, 2033.

Factors

that

would

typically

preclude

conversion

coal

resource

coal

reserve

include

the

following:

inferred

resource

classification;

absence

coal

quality;

poor

mine

recovery;

lack

access; geological

encumbrances

associated

with

overlying

and underlying

strata;

seam thinning;

structural

complication;

and

insufficient

exploration

have

all

been

considered.

Reserve

consideration

excludes

those

portions

the

resource

area

which

exhibit

the

aforementioned

geological and operational encumbrances.

Table 1-2:

Coal Summary (ROM Basis (Moist)) as of December 31, 2023 (Mt)

Demonstrated Coal Reserves (Mt, Moist ROM)

Quality (Dry)

By Reliability Category

By Mining Type

By Control Type

Area / Mine

Proved

Probable

Total

Surface

Owned

Leased

Ash

Sulfur

Vol

Mon Valley

113.9

83.2

197.1

0.0

197.1

195.7

1.4

Coal reserves are presented

on a ROM basis in

Table

1-2.

Proven and probable

coal reserves were

derived from the defined in-situ coal resource considering relevant processing, economic (including

technical estimates of capital,

revenue, and cost), marketing, legal,

environmental, socioeconomic,

and

regulatory

factors.

The

proven

and

probable

coal

reserves

on the

Property

are

summarized

below in Table 1-3.

Table 1-3:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2023 (Mt)

Demonstrated Coal Reserves (Wet Ton

nes, Washed or Direct Shipped, Mt)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Property

Proven

Probable

Total

Surface

Owned

Leased

Ash%

Sulfur%

VM%

Mon Valley

77.8

56.6

134.4

0.0

134.4

133.4

1.0

1.4

Note: Marketable

reserve tonnes

are reported

on a

moist basis,

including a

combination of

surface and

inherent moisture.

The combination

surface and inherent moisture

is modeled at 6-percent.

Actual product moisture is

dependent upon multiple geological factors,

operational

factors, and product contract specifications and can exceed 8-percent.

As such, the modeled moisture values provide a level of conservatism

for reserve reporting.

Life-of-mine sulfur for Pangburn is an estimated 1.21%; however, overall Mon Valley

Complex reserve average is 1.36%

sulfur.

In summary, Coronado controls a total of 134.4

Mt (moist basis) of

marketable coal reserves at Mon

Valley,

as of December 31, 2023.

Of that total, 58 percent are

proven, and 42 percent are probable.

There are 133.4 Mt

of owned coal reserves

and 1.0 Mt

of leased coal reserves.

All of the

Mon Valley

reserves are

considered suitable

for the

metallurgical coal

market.

All of the

Mon Valley

reserves

are unassigned.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

1.8

Capital Summary

The

MM&A

financial

model

includes

provisions

for

operating

equipment

the

proposed

Mon

Valley operations.

MM&A’s capital schedules assume that major

equipment rebuilds occur

over the

course

each

machine’s

remaining

assumed

operating

life.

Replacement

equipment

was

scheduled

based

MM&A’s

experience

and

knowledge

mining

equipment

and

industry

standards with respect to the useful life of

such equipment.

A summary of

the estimated capital for

the Property is provided in

Figure 1-2 below

Figure 1-2:

CAPEX

1.9

Operating Costs

MM&A used the Coronado historical and/or budget cost information

for comparable operations as

a reference

and developed

personnel

schedules for

the mine

and support

facilities.

Hourly labor

rates

and

salaries

were

based

upon

information

contained

Coronado’s

financial

summaries.

Fringe

benefit

costs

were

developed

for

vacation

and

holidays,

federal

and

state

unemployment

insurance,

retirement,

workers’

compensation

and

pneumoconiosis,

casualty

and

life

insurance,

healthcare, and bonuses.

A cost factor

for mine supplies

was developed that

relates expenditures

mine advance

rates

for

roof

control

costs

and other

mine supply

costs

at underground

mines.

Other

factors

were

developed

for

maintenance

and

repair

costs,

rentals,

mine

power,

outside

services and other direct mining costs.

Operating-cost

factors

were

also

developed

for

the

coal

preparation

plant

processing,

refuse

handling, coal loading, property taxes,

and insurance and bonding.

Appropriate royalty

rates were

assigned for production from leased coal lands and sales taxes were calculated for the federal black

lung excise tax, and federal

reclamation fees.

A summary of the projected operating costs for the Property

is provided in

Figure 1-3

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-3:

OPEX

1.10

Economic Evaluation

The pre-feasibility financial

model prepared for

this TRS

was developed to

test the

economic viability

each

coal

resource

area.

The

results

this

financial

model

are

not

intended

represent

bankable

feasibility

study,

required

for

financing

any

current

future

mining

operations

contemplated

for the Coronado

properties, but are

intended to establish

the economic viability

the estimated coal reserves.

Cash flows are simulated on an annual basis in

year-end 2023 nominal

dollars

assuming

inflation

rate

based

projected

production

from

the

coal

reserves.

The

discounted cash flow analysis presented herein

is based on an effective date of January 1, 2024.

On an un-levered basis, the net

present value (NPV) of the project

cash flow after taxes

represents

the Enterprise

Value of

the project.

The project cash

flow,

excluding debt

service, is calculated

subtracting direct

and indirect

operating expenses

and capital

expenditures from

revenue.

Direct

costs

include

labor,

operating

supplies,

maintenance

and

repairs,

facilities

costs

for

materials

handling,

coal

preparation,

refuse

disposal,

coal

loading,

reclamation

and

general

and

administrative costs.

Indirect costs include statutory and legally agreed

upon fees related to direct

extraction

the

mineral.

The

indirect

costs

are

the

Federal

black

lung

tax,

Federal

reclamation

taxes, property taxes,

coal production royalties, and income taxes.

Table

1-4

shows LOM tonnage, profit

& loss (P&L), and earnings before income

tax, depreciation &

amortization

(EBITDA)

for each proposed Coronado mine at Mon Valley

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 1-4:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

LOM

P&L

LOM

EBITDA

Tonnes*

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Pangburn

14,376

$1,375,780

$95.70

$1,987,175

$138.23

Fallowfield

72,640

$18,671,106

$257.04

$21,133,469

$290.93

Shaner

48,294

$7,602,034

$157.41

$8,739,568

$180.97

Consolidated PA Deep Mines

135,309

$27,648,920

$204.34

$31,860,212

$235.46

Note:

*Financial model includes 0.9 million tonnes of inferred coal production.

Inferred coal represents 0.6% of the total production, and none of

this coal was included in the estimate of reserves.

shown

Table

1-4

all

the

mines

analyzed

show

positive

EBITDA

over

the

LOM.

Overall,

Coronado’s

consolidated operations

show positive

LOM P&L

and LOM

EBITDA of

$27.6 billion and

$31.9 billion, respectively.

Coronado’s consolidated

Mon Valley cash flow summary in nominal dollars assuming a 2% inflation

rate, excluding debt

service, is shown in

Table 1-5

below.

Table 1-5:

Project Cash Flow Summary (000)*

YE12/31

Total

2028

2029

2030

2031

2032

Production & Sales tonnes

135,311

Total Revenue

$53,543,217

EBITDA

$22,878,217

$(388)

Net Income

$11,796,769

$(388)

Net Cash Provided by Operating Activities

$15,418,952

$(388)

$(328)

Purchases of Property, Plant, and Equipment

$(3,886,154)

$(5,556)

$(32,461)

$(38,382)

$(230,691)

Net Cash Flow

$11,532,798

$(388)

$(5,944)

$(32,849)

$(38,770)

$(231,019)

YE12/31

2033

2034

2035

2036

2037

2038

Production & Sales tonnes

399

1,810

1,875

1,958

2,029

2,030

Total Revenue

$78,296

$362,106

$382,594

$407,547

$430,792

$439,609

EBITDA

$46,091

$230,681

$245,301

$265,119

$283,202

$289,071

Net Income

$(34,286)

$140,882

$121,310

$131,898

$147,171

$160,015

Net Cash Provided by Operating Activities

$37,454

$188,509

$200,525

$213,069

$227,279

$239,643

Purchases of Property, Plant, and Equipment

$(220,159)

$(5,973)

$(1,492)

$(23,825)

$(21,154)

$(220,098)

Net Cash Flow

$(182,704)

$182,535

$199,033

$189,243

$206,125

$19,544

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2039

2040

2041

2042

2043

2044

Production & Sales tonnes

2,062

1,960

1,762

2,366

1,804

1,724

Total Revenue

$455,388

$441,481

$405,009

$554,640

$431,343

$420,513

EBITDA

$299,233

$282,680

$246,717

$355,857

$259,717

$249,422

Net Income

$148,359

$159,358

$124,218

$201,201

$155,408

$140,412

Net Cash Provided by Operating Activities

$252,685

$239,821

$209,856

$264,281

$200,448

$197,055

Purchases of Property, Plant, and Equipment

$(198,968)

$(17,709)

$(15,403)

$(21,709)

$(9,653)

$(15,904)

Net Cash Flow

$53,717

$222,112

$194,453

$242,571

$190,795

$181,152

YE12/31

2045

2046

2047

2048

2049

2050

Production & Sales tonnes

1,717

1,641

1,719

1,657

1,582

1,704

Total Revenue

$427,051

$416,456

$444,946

$437,356

$426,059

$468,115

EBITDA

$252,966

$242,678

$263,719

$255,907

$244,963

$276,975

Net Income

$154,860

$163,403

$176,959

$170,156

$161,907

$181,850

Net Cash Provided by Operating Activities

$201,354

$194,705

$200,387

$200,909

$193,250

$210,580

Purchases of Property, Plant, and Equipment

$(105,936)

$(32,944)

$(3,311)

$(5,576)

$(21,182)

$(43,937)

Net Cash Flow

$95,418

$161,760

$197,075

$195,333

$172,067

$166,643

YE12/31

2051

2052

2053

2054

2055

2056

Production & Sales tonnes

1,656

1,732

1,702

1,596

1,642

1,750

Total Revenue

$463,895

$494,756

$495,913

$474,451

$497,980

$541,261

EBITDA

$271,431

$294,451

$293,461

$274,133

$291,105

$323,591

Net Income

$177,355

$206,754

$205,313

$186,501

$196,906

$224,271

Net Cash Provided by Operating Activities

$214,333

$224,264

$225,466

$215,317

$222,950

$245,045

Purchases of Property, Plant, and Equipment

$(26,060)

$(4,135)

$(20,511)

$(39,988)

$(30,028)

$(36,861)

Net Cash Flow

$188,273

$220,129

$204,955

$175,329

$192,922

$208,184

YE12/31

2057

2058

2059

2060

2061

2062

Production & Sales tonnes

1,751

2,609

3,582

3,732

3,839

3,762

Total Revenue

$552,393

$839,589

$1,175,652

$1,249,528

$1,310,820

$1,310,433

EBITDA

$330,405

$494,167

$701,904

$754,323

$798,832

$793,460

Net Income

$249,858

$295,564

$442,235

$473,877

$508,672

$492,348

Net Cash Provided by Operating Activities

$270,454

$378,130

$521,997

$586,273

$620,328

$627,936

Purchases of Property, Plant, and Equipment

$(538,808)

$(89,843)

$(36,104)

$(44,278)

$(21,847)

$(132,543)

Net Cash Flow

$(268,354)

$288,286

$485,893

$541,995

$598,481

$495,393

YE12/31

2063

2064

2065

2066

2067

2068

Production & Sales tonnes

3,494

3,390

3,460

3,398

2,967

2,826

Total Revenue

$1,241,303

$1,228,573

$1,278,870

$1,280,972

$1,141,063

$1,108,535

EBITDA

$732,113

$720,210

$757,835

$754,462

$680,158

$663,742

Net Income

$446,588

$500,822

$521,333

$515,526

$450,699

$434,909

Net Cash Provided by Operating Activities

$595,943

$568,873

$577,763

$583,053

$543,306

$522,205

Purchases of Property, Plant, and Equipment

$(60,459)

$(26,978)

$(66,446)

$(58,982)

$(120,137)

$(56,340)

Net Cash Flow

$535,484

$541,895

$511,317

$524,071

$423,169

$465,865

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2069

2070

2071

2072

2073

2074

Production & Sales tonnes

2,472

2,318

2,178

1,496

2,041

1,993

Total Revenue

$988,943

$946,112

$906,727

$635,345

$883,982

$880,465

EBITDA

$594,651

$554,448

$531,931

$346,940

$538,047

$535,996

Net Income

$384,720

$356,548

$335,438

$231,328

$359,458

$366,134

Net Cash Provided by Operating Activities

$480,465

$443,994

$423,083

$260,436

$368,430

$408,513

Purchases of Property, Plant, and Equipment

$(118,056)

$(37,796)

$(41,704)

$(27,793)

$(47,154)

$(29,787)

Net Cash Flow

$362,409

$406,198

$381,378

$232,643

$321,276

$378,726

YE12/31

2075

2076

2077

2078

2079

2080

Production & Sales tonnes

1,822

2,098

2,055

2,107

1,883

2,129

Total Revenue

$820,772

$874,560

$874,031

$913,861

$833,007

$960,656

EBITDA

$488,892

$527,243

$524,666

$555,561

$491,518

$587,784

Net Income

$332,175

$373,438

$366,231

$382,757

$335,406

$410,847

Net Cash Provided by Operating Activities

$382,976

$392,261

$399,542

$415,100

$383,380

$424,802

Purchases of Property, Plant, and Equipment

$(3,295)

$(3,360)

$(41,878)

$(73,655)

$(15,800)

$(6,365)

Net Cash Flow

$379,682

$388,901

$357,664

$341,445

$367,580

$418,437

YE12/31

2081

2082

2083

2084

2085

2086

Production & Sales tonnes

1,937

1,723

2,242

1,568

2,285

1,637

Total Revenue

$891,498

$809,214

$1,073,587

$766,070

$1,138,488

$832,210

EBITDA

$531,568

$460,863

$663,473

$428,042

$708,813

$464,168

Net Income

$368,045

$304,770

$448,699

$277,710

$492,938

$308,597

Net Cash Provided by Operating Activities

$409,096

$358,874

$460,364

$364,186

$480,016

$392,806

Purchases of Property, Plant, and Equipment

$(25,353)

$(73,457)

$(43,005)

$(12,687)

$(19,996)

$(33,624)

Net Cash Flow

$383,743

$285,417

$417,359

$351,499

$460,019

$359,182

YE12/31

2087

2088

2089

2090

2091

2092

Production & Sales tonnes

1,982

1,477

1,857

1,616

1,993

1,305

Total Revenue

$1,027,701

$781,052

$1,001,339

$888,873

$1,118,529

$747,144

EBITDA

$612,327

$424,413

$581,701

$495,500

$667,329

$373,435

Net Income

$412,609

$267,442

$390,044

$326,813

$454,337

$232,648

Net Cash Provided by Operating Activities

$432,632

$353,475

$408,375

$388,300

$469,549

$335,144

Purchases of Property, Plant, and Equipment

$(41,648)

$(60,042)

$(27,048)

$(31,038)

$(4,523)

$(40,242)

Net Cash Flow

$390,984

$293,433

$381,327

$357,262

$465,027

$294,902

YE12/31

2093

2094

2095

2096

2097

2098

Production & Sales tonnes

1,637

1,612

1,747

1,355

1,731

1,752

Total Revenue

$955,700

$959,852

$1,060,820

$839,478

$1,093,737

$1,129,433

EBITDA

$536,078

$531,972

$608,559

$412,363

$623,984

$652,244

Net Income

$344,367

$335,321

$398,419

$255,237

$407,178

$415,344

Net Cash Provided by Operating Activities

$374,267

$401,019

$443,538

$347,072

$431,542

$484,871

Purchases of Property, Plant, and Equipment

$(85,557)

$(75,058)

$(4,895)

$(4,993)

$(48,993)

$(79,742)

Net Cash Flow

$288,710

$325,960

$438,643

$342,078

$382,550

$405,129

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2099

2100

2101

2102

2103

2104

Production & Sales tonnes

1,407

896

393

Total Revenue

$925,181

$600,980

$268,578

EBITDA

$493,808

$312,584

$135,457

Net Income

$335,906

$195,168

$94,312

Net Cash Provided by Operating Activities

$310,205

$239,384

$(26,022)

Purchases of Property, Plant, and Equipment

$(17,075)

$(5,405)

$(2,757)

Net Cash Flow

$293,130

$233,979

$(28,778)

Financial model includes 0.9 million tonnes of inferred coal production.

Inferred coal represents 0.6% of the total production, and none of this

coal was included in the estimate of reserves.

Consolidated cash flows are driven by annual sales

tonnage, which grows from 0.4 million tonnes in

2033

peak

3.8 million

tonnes

2061.

Between

years

2062

and

2091,

sales

range

from

1.5 million to 2.7 million tonnes and between years 2092-2101, sales range from 0.4 million tonnes

to 1.3 million

tonnes.

Projected consolidated

revenue grows

from $78.3 million

in 2033 to

a peak

of $1.3 billion in 2061.

Revenue totals $53.5 billion for the project’s

life.

Consolidated cash flow from operations is positive throughout the projected operating period, with

the

exception

of post

-production

years,

due to

end-of-mine

reclamation

spending.

Consolidated

cash flow from operations peaks at $627.9 million in 2062

and totals $15.4 billion over the project’s

life.

Capital

expenditures

total

$527.3 million during

the

first

five

years

and

$3.9 billion over

the

project’s life.

1.10.1

Discounted Cash Flow Analysis

Cash flow after

tax, but before

debt service, generated

over the life

of the project

was discounted

to NPV

at a 10.0%

discount rate,

which represents

Coronado’s

estimate of

the nominal dollar,

risk

adjusted

weighted

average

cost

capital

(WACC)

for

likely

market

participants

the

subject

reserves were offered for sale.

On an un-levered basis,

the NPV of

the project cash

flows represents

the

Enterprise

Value

the

project

and

amounts

$563.4 million.

The

pre-feasibility

financial

model prepared for the

TRS was developed to

test the economic

viability of

each coal resource area.

The

NPV

estimate

was

made

for

purposes

confirming

the

economics

for

classification

coal

reserves and

not for

purposes of valuing

Coronado or

its Mon Valley

assets.

Mine plans were

not

optimized,

and

actual

results

the

operations

may

different,

but

all

cases,

the

mine

production plan assumes the properties are under competent management.

1.10.2

Sensitivity Analysis

Sensitivity

of the

NPV

results

changes

the

key

drivers

is presented

in the

chart below.

The

sensitivity study shows

the NPV at

the 10.0% discount rate

when Base Case sales

prices, operating

costs, and capital costs are increased and decreased in increments

of 5% within a +/- 15% range.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 1-4:

Sensitivity of NPV

As shown, NPV is quite sensitive to changes in sales price and operating cost estimates, and slightly

sensitive to changes in capital cost estimates.

1.11

Permitting

Due

the

projected

start-up

date

the

Mon

Valley

mines,

initial-stage

permit

work

has

been

completed

to date;

however,

no permit

applications have

been submitted

to the

state

or federal

regulatory agencies.

The proposed mines are

located in an area with

a long history of coal mining,

with

numerous

permitted

operations

proximity.

Coal

mining

permits

are

routinely

obtained; a

2 to

3-year lead

time is

recommended.

Estimated

expenditures for

mine closure

and

site reclamation are included in the financial model for each mine or plant site.

MM&A is unaware

of any obvious or

current Coronado permitting

issues that are expected

to prevent the

issuance of

future permits.

All coal producers are subject to a level of uncertainty regarding future clean water

permits

due

United

States

Environmental

Protection

Agency

(EPA)

and

United

States

Fish

and

Wildlife (USFW) involvement with state

programs.

1.12

Conclusion and Recommendations

Sufficient

data

has

been

obtained

through

various

exploration,

sampling

programs,

and

mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons situated

on the Property.

The data are

of sufficient

quantity and reliability

to reasonably

support the coal-resource and coal-reserve estimates

in this TRS.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

The

geological

data

and

preliminary

feasibility

study,

which

consider

mining

plans,

revenue,

and

operating-

and

capital-cost

estimates

are

sufficient

support

the

classification

coal

reserves

provided herein.

This geologic

evaluation conducted

in conjunction

with the

preliminary feasibility

study concludes

that

the

134.4

marketable

underground

coal

reserves

identified

the

Property

are

economically

mineable

under

reasonable

expectations

market

prices

for

metallurgical

coal

products, estimated operation costs,

and capital expenditures.

Introduction

2.1

Registrant and Terms

of Reference

This report

was

prepared

for

the

sole use

Coronado Global

Resources

Inc.

(Coronado)

and its

affiliated and subsidiary companies and

advisors.

This TRS updates the

TRS titled, “Coronado Global

Resources

Inc.

Statement

Coal

Resources

and

Reserves

for

the

Mon

Valley

Complex

Upper

Freeport Holdings in Accordance with the JORC Code and United States

SEC Regulation S-K 1300 as

of December 31,

2022 Northern

Appalachian Coal

Basin Pennsylvania,

USA February

2023” dated

February 15, 2023, due to

material differences

in the key

financial modifying factors

including coal

sales price assumptions,

operating costs and capital

costs from December 31,

2022 to December 31,

2023.

Coal sales price assumptions are discussed in Sections 12 and 16 of the TRS,

while operating

costs

and

capital

costs

are

discussed

Sections

and

the

TRS.

The

report

provides

statement of coal

resources and coal

reserves for Coronado,

as defined

under the

Australasian Code

for Reporting

of Exploration Results,

Mineral Resources and

Ore Reserves (JORC

Code)

as well

under

Subpart

1300

Regulation

S-K

(Regulation

S-K

1300)

promulgated

the

United

States

Securities and Exchange

Commission (SEC)

This report was

also prepared in accordance

with the

Australasian Code for Public

Reporting of Technical Assessments and Valuations of Mineral

Assets

(VALMIN Code).

The Mon

Valley

property is

comprised of

three separate

reserve holdings,

namely,

the Pangburn,

Shaner and Fallowfield proposed underground mines in the Upper Freeport seam.

The report provides

a statement

of coal resources

and coal reserves for

Coronado at the Property.

Exploration results and Resource

calculations were used as the basis for the mine planning and the

preliminary feasibility study completed to determine

the extent and viability of the reserve.

Coal

resources

and

coal

reserves

are

herein

reported

metric

units

measurement

and

are

rounded to millions of metric tonnes (Mt).

2.2

Information Sources

This TRS

is based on

information provided

by Coronado

and reviewed

by MM&A.

Sources of data

and information are listed below in

Table 2-1

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 2-1:

Information Provided to MM&A by Coronado

Category

Information Provided by Coronado

Report Section

Geological

Geologic

data

including

digital

databases

and

original

source

data

including

geologist logs, driller’s logs, geophysical

logs

9.1

Coal Quality

Database of coal quality

information supplemented

with original source laboratory

sheets where available

10.1

Mining

Historical productivities and manpower from

operating and future Coronado

mines

13.2, 13.4

Coal

Preparation

Flow sheet and other information

representing current

and future methods of

coal

processing

14.1

Waste

Disposal

Engineering

data

and

estimates

representing

remaining

capacities

for

coarse

and

fine coal waste disposal

17.2

Costs

Historical and

budgetary operating

cost information

used to derive

cost drivers

for

reserve financial modeling

18.2

Economic

WACC and inflation rate

used in discounted cash flow analysis

19.1, 19.2,

19.3

Note: While the sources of

data listed in

Table 2-1

are not exhaustive, they

represent a significant portion of

information which supports this

TRS.

MM&A reviewed the

provided data and found

it to be reasonable

prior to incorporating it

into the TRS.

The TRS contains “forward-looking

information” including forecasts of productivity and annual coal production,

operating and capital cost estimates, coal sales price forecasts, the

assumption that Coronado will continue to

acquire necessary permits, and other assumptions.

The TRS statements

and conclusions are not a

guarantee of

future performance

and undue

reliance should

not be placed

on them.

The ability of

Coronado to

recover the

estimated coal

reserves

dependent on

multiple factors

beyond

the

control

MM&A

including, but

not

limited

geologic

factors,

mining

conditions,

regulatory approvals, and changes in regulations.

In all cases, the plans assume the Property is under competent management.

Coronado engaged MM&A to conduct a coal resource and reserve evaluation

of the Coronado coal

properties

December 31,

2023,

the

effective

date

this

TRS

for

Mon

Valley.

For

the

evaluation, the following tasks were

to be completed:

Conduct a site visit to the projected resource/reserve area;

Process

the

information

supporting

the

estimation

coal

resources

and

reserves

into

geological models;

Develop life-of-reserve mine

(LOM) plans and financial models;

Hold discussions with Coronado company management; and

Prepare and

issue a TRS providing

a statement

of coal resources

and reserves which

would

include:

A description of the mines and facilities.

A description of the evaluation process.

An estimation of coal resources and reserves with compliance elements as stated under the

JORC Code and the SEC Regulation S-K 1300.

2.3

Personal Inspections

MM&A is very familiar

with the Mon Valley

properties, having provided

a variety of geological

and

engineering

evaluations

the

subject

property

and

neighboring

properties

recent

years.

facilities

are

constructed

the

properties.

site

inspection

proposed

and

potential

surface

facility areas was last conducted in December 2023.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Property Description

3.1

Location

The Mon Valley

Complex will include the

Pangburn, Shaner,

and Fallowfield underground

mines in

the Upper Freeport coal

seam.

The properties are located approximately 22.5 kilometers southeast

of Pittsburgh.

The property

is located

in Allegheny,

Washington,

and Westmoreland

Counties, Pennsylvania

(see

Figure 1-1 above

Mining operations here

have not yet

been initiated.

The Property is located

portions

eight

United

States

Geological

Survey

(USGS)

quadrangles:

Irwin;

Glassport;

Monongahela;

Donora;

Smithton;

California;

Ellsworth;

and

Hackett.

The

coordinate

system

and

datum

used

for

the

model

Mon

Valley

and

the

subsequent

maps

were

produced

the

Pennsylvania State

Plane South system, NAD 27.

3.2

Titles, Claims or Leases

The

property

composed

41,615

total

hectares,

which

1,339

are

leased

from

private

landholders under two leases, and 40,276 hectares are owned by Coronado.

Subject to Coronado’s

exercising

its renewal rights thereunder,

both of the leases expire

upon exhaustion of the

relevant

coal

reserves,

which

expected

occur

2101.

MM&A

has

not

carried

out

separate

title

verification

for

the coal

properties

and has

not verified

leases, deeds,

surveys, or

other property-

control

instruments

pertinent

the

subject

resources.

Tenure

was

separately

reviewed

Coronado’s

legal advisors.

Coronado has

represented

to MM&A

that it

controls the

mining rights

to the reserves as shown on

its property maps, and MM&A has accepted

these as being a true and

accurate

depiction of

the mineral

rights controlled

by Coronado.

The TRS

assumes the

properties

are developed under responsible and experienced management.

3.3

Mineral Rights

Coronado supplied property control maps to MM&A related to properties for which mineral and/or

surface

property

are

controlled

Coronado.

While

MM&A

accepted

these

representations

being

true

and

accurate,

MM&A

has

knowledge

past

property

boundary

disputes

other

concerns, through

past knowledge

of the

Property,

that would

signal concern

over future

mining

operations or development potential.

Property control

in Appalachia can

be intricate.

Coal-mining properties

are typically

composed of

numerous property

tracts which

are owned

and/or leased

from both

land-holding companies

and

private

individuals

companies.

common

encounter

severed

ownership,

with

different

entities

or individuals

controlling

the

surface

and mineral

rights.

Mineral

control

in the

region

typically characterized by leases or ownership of larger tracts of land,

with surface control generally

comprised of smaller tracts, particularly in developed areas.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Legal mining rights may reflect a combination of fee or

mineral ownership and fee or mineral leases

of coal lands through various surface and mineral lease agreements.

Control

the

surface

property

necessary

conduct

surface

mining

but

not

necessary

conduct underground mining.

Given that the vicinity of the Mon Valley properties has an extensive

history

coal

mining,

Coronado

and

its

predecessors

have

successful

history

obtaining

any

necessary rights and the associated permits to mine.

3.4

Encumbrances

No Title Encumbrances are known.

By assignment, MM&A did

not complete a query

related to Title

Encumbrances.

3.5

Other Risks

There is always risk

involved in property control.

Coronado and its predecessor, CONSOL, have both

had their legal teams examine the deeds and title control in order to

minimize the risk.

Accessibility,

Climate, Local Resources,

Infrastructure and Physiography

4.1

Topography,

Elevation and Vegetation

Topography

of the

area surrounding

the proposed

Mon Valley

complex is

typical of

the Northern

Appalachian

Plateau

consisting

broad

river

valleys

and

rolling

hills,

with

some

upland

regions.

Surface

elevations

near

the

Property

range

from

approximately

396

meters

above

sea

level

upland regions to approximately 220 meters at stream level.

The property is moderately vegetated

by primarily oak

hardwood forests, but the

majority of

the land

is developed

for farm and

residential

use.

The

property

situated

near

the

major

urban

center

Pittsburgh,

and

considered

suburban.

4.2

Access and Transport

There

general

access

the

Mon

Valley

property

via

well-developed

network

primary,

secondary,

and

unimproved

roads.

The

Monongahela

and

Youghiogheny

Rivers

traverse

the

Property from

south to north.

There are

numerous four

-lane limited-access

roads situated

within

or adjacent to the Property as well as a network of improved two-lane state and county roads.

U.S.

Interstate

and

Pennsylvania

Route

traverse

the

Fallowfield

and

Pangburn

properties,

respectively.

Numerous

secondary

and

unimproved

roads

provide

direct

access

the

mine

property,

some being state-

and town-maintained.

These roads typically stay open throughout the

year.

There

are

numerous

transportation/logistical

options

for

shipping

product.

The

primary

means

transport

for

produced

coal

would

barge

the

Monongahela

River/Ohio

River

system.

Additionally, a CS

X Corporation (CSX)

rail line located along the banks of the

Monongahela

River would provide another option for the shipment of coal.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

4.3

Proximity to Population Centers

The

Mon

Valley

property

lies

near

the

communities

Bentleyville,

Lockview,

Monongahela,

Elizabeth,

Sutersville,

and

Irwin,

Pennsylvania

approximately

kilometers

southeast

Pittsburgh,

and

kilometers

from

Washington

and

McKeesport,

Pennsylvania.

2021

Pittsburgh

had

population

approximately

300,400

residents;

McKeesport, 17,500; and Washington, 13,200.

4.4

Climate and Length of Operating Season

The climate of

the region

is classified

as warm-summer

humid continental with

four distinct seasons:

warm summers,

cold winters,

and moderate

fall and

spring seasons.

Precipitation in

the region

consistent throughout the year with the most

rain falling in spring and the

early months of summer.

Average

yearly rainfall

is 95.1 centimeters.

Summer months typically begin

in late May

and end in

early September

and range

in average

temperature

from 51

to 84

degrees Fahrenheit

(or 10.6

28.9

degrees

Celsius).

Winters

typically

begin

mid to

late

November and

run until

mid

late

March with average temperatures

ranging from 22 to 50 degrees Fahrenheit

(or -5.6 to 10 degrees

Celsius).

Precipitation in the winter

typically comes in

the form of snowfall

or as a

wintery mix (sleet

and

snow)

with

severe

snowfall

events

occurring

occasionally.

Seasonal

variations

climate

typically

not

affect

underground

mining

Pennsylvania.

However,

weather

events

could

potentially

negatively

impact

efficiency

surface

and

preparation

plant

operations

very

limited basis, typically lasting less than a few days.

4.5

Infrastructure

The Mon Valley property has sources

of water,

power,

personnel, and supplies readily available for

use.

Personnel

have

historically

been

sourced

from

the

surrounding

communities

Allegheny,

Washington, and

Westmoreland Counties, and have

proven to be adequate

in numbers to operate

the mines.

As mining is common in the surrounding

areas, the workforce

is generally familiar

with

mining practices, and

many are experienced

miners.

Water is

expected to be

sourced locally from

nearby public

water sources or

rivers.

Electricity is

anticipated to be

sourced from

West Penn Power

(

West Penn

)

Duquesne Light (

Duquesne Light

)

The service industry

in the areas

surrounding the

proposed mine

complex has historically

provided supplies, equipment

repairs and

fabrication, etc.

Barge

transport

the

Monongahela

River/Ohio

River

system

will

serve

the

main

means

product

transport

from

the

mine,

and

currently

serve

means

coal

transportation

for

neighboring Pittsburgh seam operations.

Rail access is provided by a CSX rail line.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

History

5.1

Previous Operation

The

property

was

formerly

controlled

Consolidation

Coal

Company

(CONSOL)

Historic

underground

operations

were

active

the

area

the

early

1900’s

and

contour

surface

mining

operations

were

performed

the

1950

1960

era.

Coronado

acquired

the

properties

from

CONSOL in March 2016.

5.2

Previous Exploration

The

properties

have

been

extensively

explored

subsurface

drilling

efforts

carried

out

numerous entities,

most of which

were completed

prior to acquisition

by Coronado.

The majority

of the drilling was accomplished

using vertical continuous (diamond) coring and air

rotary methods.

Drill records

indicate that

independent contract

drilling operators

have been

engaged periodically

to carry out

exploration drilling on

the properties.

Geophysical logging on

those properties acquired

from CONSOL was often performed by

both CONSOL’s in-house logging services and outside logging

firms.

Geological Setting, Mineralization and Deposit

6.1

Regional, Local and Property Geology

The property lies in the Northern Appalachian

Coal basin in the Appalachian Plateau

physiographic

province.

The coal deposits in the eastern USA are the oldest and most extensively

developed coal

deposits in the country.

The coal deposits on the properties

are Carboniferous in age,

being of the

Pennsylvanian

system.

Overall,

these

Carboniferous

coals

contain

roughly

two-fifths

the

bituminous

coal

deposits

the

United

States

and

extend

over

1,448

kilometers

from

northern

Alabama to Pennsylvania and are part of what is known as the Appalachian Basin.

The Appalachian

Basin

than

402

kilometers

wide

and,

some

portions,

contains

over

coal

seams

varying economic significance.

Seams of economic significance typically range between 0.3 meters to 2.4 meters in thickness, with

relatively

little

structural

deformation.

Regional

structure

typically

characterized

gently

dipping strata to the northwest at less than one percent.

Local anticline and syncline structures are

present on the property with seam dips up to 5 percent.

Seams of the Allegheny Formation have historically been mined in the Pennsylvania region with the

Upper

Freeport

seam being

one of

the principal

seams in

the formation.

Coal from

the area

has

historically sold in thermal and metallurgical markets.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Future

operations

at the

Mon Valley

properties will

extract

the Upper

Freeport coal

seam, which

covers large areas of Pennsylvania, Ohio, Maryland, and West Virginia.

The Upper Freeport seam is

situated

the

top

the

Allegheny

Group

the

middle

Pennsylvanian

period

(307-315 million

years ago).

The top of the Upper Freeport

seam is commonly used as the marker

between the top

the

Allegheny

Formation

and

the

overlying

Upper

Pennsylvanian

Conemaugh

Group.

The

Allegheny Formation is made up of laminated cyclothemic sequences of coal, shale, limestone, and

clay.

The

Upper

Freeport

seam

lies

generally

around

183

meters

below

the

Pittsburgh

seam.

Deposits associated with the Upper Freeport are often irregular and dislocated deposits (formed in

domed peat swamps commonly referred

to as “peat islands”).

The

primary

structural

controls

the

Upper

Freeport

coal

basin

are

localized

syn-depositional

anticlines

and

synclines

that

directly

influence

the

accumulation

peat

bogs.

These

structures

create

gently

folded

and

rolling

coal

strata.

The

axis

the

Waynesburg

and

Port

Royal

(Irwin)

synclines pass through the center and eastern portions of the properties with a trend and incline to

the Northeast.

The Amity, Murrysville, and Belle Vernon

anticlines (listed from west to east) reside

to the

center and western

portions of the

properties.

These anticlines

often coincide

with thicker

coal seams where peat accumulated

in domes along the anticlinal crest.

It is understood that local

anticlines

represent

the upthrown

side of

syn-depositionally

active

deep

faults.

Inversely,

fluvial

channel sediments were deposited on the structural downthrown

side within synclines.

Within the Pangburn,

Shaner,

and Fallowfield mine-plan

areas, the Upper

Freeport is typically

183

meters to

335 meters below

the ground surface.

Mine access is therefore

to be provided

by shaft

and slope development.

The planned Pangburn shaft depth is

approximately 195 meters

in depth.

The

shaft

depths

the

projected

locations

for

the

Shaner

and

Fallowfield

shafts

range

from

approximately 232 meters to

268 meters.

6.2

Mineralization

The coal to be produced at The Mon Valley

Complex is typically high volatile (>31% volatile matter)

bituminous coal.

The generalized stratigraphic

columnar section in

Figure 6-1

demonstrates the vertical

relationship

of the principal coal seams and rock formations on the Property.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Redstone

Limestone

RML

Lower Redstone Limestone

PSU

Pittsburgh SS Upper Bench

Pittsburgh

Rider Coal

PSL

Pittsburgh SS Lower Bench

RCZ

Pittsburgh Roof Coal Zone

Drawslate

Pittsburgh Coal Main Bench

PGS

Pittsburgh Coal Expected

Horizon (Surface)

Ames Marine Zone

AMS

Ames Marine Zone

Expected

Horizon (Surface)

Harlem Coal

BK2

Upper Bakerstown Coal

WRM

Woods

Run Marine Zone

BK1

Lower Bakerstown Coal

Pine Creek Marine Zone

BCM

Brush Creek Marine Zone

Brush Creek Coal

BCS

Brush Creek Coal Expected

Horizon (Surface)

MHU

Upper Mahoning

Sandstone

Mahoning

Coal

Lower Mahoning

Sandstone

UFR

Upper Freeport Rider Coal

Upper Freeport

Coal

UFS

Upper Freeport

Coal Expected Horizon

(Surface)

UFL

Upper Freeport Leader Coal

LUF

Upper Freeport Limestone

BUT

Butler

Sandstone

LFR

Lower Freeport Rider Coal

Lower Freeport

Coal

LFL

Lower Freeport Leader Coal

LLF

Lower Freeport Limestone

FSS

Freeport Sandstone

REQUIRED

UNIT

Age

Group

Formation

Member

Code

Pennsylvanian

Monongahela

Pittsburgh

Lower

Major Units

Mahoning

Pennsylvanian

Conemaugh

Glenshaw

Ames

Saltsburg

Woods

Run

Pine Creek

Brush Creek

Pennsylvanian

Allegheny

Freeport

Figure 6-1:

Stratigraphic Column

(not to scale)

6.3

Deposits

Historic

underground

mining

has

occurred

the

overlying

Pittsburgh

Seam

this

property.

Contour

surface

mining

the

Pittsburgh

and

Redstone

outcrop

has

occurred

within

the

areas

projected

for

the coal

refuse

disposal area,

the slope

portal

area and

the preparation

plant

area.

The three

proposed mines

(Pangburn, Shaner,

and Fallowfield)

are all

projected to

be deep mines

in the Upper

Freeport seam.

Mining is projected

in areas where

the total seam

thickness exceeds

1.2 meters.

Areas of

sandstone washout

and seam thinning

have been

excluded from

projections

by MM&A personnel.

Additional exploration could identify additional geologically

limiting features,

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

which could alter the proposed mine plan.

The Upper Freeport seam in the projected areas ranges

from 0.7 meters to 3.1 meters thick and averages

1.95 meters thick.

Exploration

7.1

Nature and Extent of Exploration

Extensive exploration in the form of subsurface drill efforts has been carried out on the Property by

numerous

entities,

most

which

efforts

were

completed

prior

the

acquisition

Coronado.

Diamond

core

and

rotary

drilling

are

the

primary types

of exploration

on the

Property.

Data

for

correlation

and mining

conditions

are

derived

from

core

descriptions

and geophysical

logging (e-

logging).

Coal quality analyses were also

employed during the core exploration

process.

A total of

approximately 750 core and rotary

holes have been drilled for exploration.

The location of the drilling is shown on the maps included in Appendix B.

The

concentration

exploration

varies

slightly

across

the

Property.

Drilling

the

Property

typically

sufficient

for

delineation

potential

underground

mineable

benches.

Core

logging

carried out by professional

geologists in cases where

roof and floor strata

are of particular interest

and in cases

where greater resolution and

geologic detail are

needed.

Generally speaking, however,

most drill

hole data

come from

simplified driller’s

logs, which

often lack

specific details

regarding

geotechnical

conditions

and

specific

geology,

making

correlations

and

floor

and

roof

conditions

difficult to

determine.

Geophysical logging

(e-logging) techniques,

by contrast,

document specific

details

useful

for

geologic

interpretation

and

mining

conditions.

Given

the

variability

data-

gathering

methods,

definitive

mapping

future

mining

conditions

may

not

possible,

but

projections and assumptions can be made within a reasonable degree of certainty.

A significant effort

was put into

verifying the integrity

of the database.

Once this was established,

stratigraphic

columnar

sections

were

generated

using

cross-sectional

analysis

establish

confirm coal seam correlations.

A typical cross-section is shown in

Figure 7-1.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 7-1:

Mon Valley Cross-Section

Due to

the long history

of exploration

by various

parties on the

Property,

a wide

variety of

survey

techniques exist for

documentation of data

point locations.

Many of

the older

exploration drill holes

appear to

have been

located by

survey and

more recently-completed

drill holes

are often

located

by high-resolution Global

Positioning System (GPS)

units.

However, some holes appear

to have been

approximately

located

using

USGS

topography

maps

other

methods

which

are

less

accurate.

Therefore,

discretion

had

used

regarding

the

accuracy

for

the

location

and

ground

surface

elevation of

some of these

older drill holes.

In instances

where a drill

hole location

(or associated

coal

seam

elevations)

appeared

inconsistent

with

the

overall

structural

trend

(or

surface

topography

for surface

-mineable areas),

the data

point was

not honored

for

geological modeling.

Others with apparently minor variances were adjusted

and then used by MM&A.

Surveying of the underground and surface mined areas has been performed by the mine operators

and/or

their

consulting

surveyors.

assignment,

MM&A

did

not

verify

the

accuracy

completeness of supplied

mine maps but

accepted this information as

being the

work of responsible

engineers and surveyors.

MM&A

compiled

comprehensive

topographic

map

files

selecting

the

best

available

aerial

mapping for each area and filling any gaps with digital USGS topographic

mapping.

7.2

Non-Drilling Procedures and Parameters

All pertinent data used to characterize the coal

resources and coal reserves have been acquired via

exploration-based drilling methods.

The region has historically produced and sold Upper Freeport-

based coal

into metallurgical

and thermal

markets, enhancing

the confidence

of the

marketability

and quality of the resource.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

7.3

Drilling Procedures

Core drilling methods

utilize NX-size (~5.4 centimeter) or similar-sized core cylinders

to recover core

samples, which

can

be used

delineate

geologic characteristics,

for

coal-quality

testing,

and for

geotechnical

logging.

With core

holes, geophysical

logs are

especially useful

in verifying

the core

recovery of both the coal samples (for assurance that the sample is representative of the full seam)

and

the

roof

and

floor

rock

samples

(for

evaluating

ground

control

characteristics

deep

mineable coal

seams).

In addition

to the

core holes,

rotary-drilled holes

also exist

on most

of the

Property.

Data

for

the

rotary-drilled

holes

are

mainly

derived

from

downhole

geophysical

logs,

which are

used to

interpret coal

and rock thickness

and depth,

since logging of

the drill cuttings

unreliable.

Exploratory drilling generally requires drilling to depths of

over 152 meters to penetrate

the target coal seam at Mon Valley

A wide variety

of core-logging techniques

exist for

the properties.

For many of

the core holes, the

primary data

source is a

generalized

lithology description by

the driller,

typically supplemented

a more detailed

core log completed

by a geologist.

These drilling logs were

provided to MM&A

a geological database.

MM&A geologists were

not involved

in the production

of original core

logs

but did perform a

basic check of information within

the provided database.

Where geophysical logs

for such holes were available,

they were used by MM&A geologists to

verify the coal thickness and

core recovery of seams.

7.4

Hydrology

Based on

historical successful

production of

Upper Freeport,

and stratigraphically

proximal

seams

in the

region, the Mon

Valley Complex is not

expected to have hydrologic concerns

of material issue.

Future

mining

is projected

occur

in areas

exhibiting

similar hydrogeological

conditions

past

mining,

including

stream

undermining

and

undermining

aquifers.

Based

upon

the

successful

history of

mining in the

region with

regards to

hydrogeological

features, MM&A

assumes that

the

operations will not be hindered by such issues.

The Pittsburgh seam has

been mined extensively above

the Upper Freeport seam on

the Property.

The

interval

(approximately

183

meters)

between

the

seams

anticipated

adequate

minimize inflow of water to the planned operations

from the overlying Pittsburgh works.

7.5

Geotechnical Data

Mining

plans

for

potential

underground

mines

were

developed

Coronado

and

modified

MM&A to

fit current

property constraints.

Pillar stability

was tested

by MM&A

using the Analysis

Coal

Pillar

Stability

(ACPS)

program

that

was

developed

the

National

Institute

for

Occupational Safety and Health (NIOSH).

MM&A reviewed the results from the ACPS analysis and

considered them in the development of the LOM plan.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Sample Preparation, Analyses and Security

8.1

Prior to Sending to the Lab

Most

of the

coal

samples have

been obtained

from

the Property

by subsurface

exploration

using

core drilling

techniques.

The protocol

for preparing

and testing

the samples

has varied

over time

and is

not well

documented for the

older holes

drilled on

the Property.

Typical core-drilling sampling

methods for

coal in

the United

States

involves

drilling through

the seam,

removing the

core from

the

barrel,

describing the

lithology,

wrapping

the

sample in

sealed

plastic

sleeve

and

placing it

lengthwise into

a covered core

box, and carefully

marking hole ID and depth

intervals on each box

and

lid, allowing

the

core

be delivered

laboratory

in correct

stratigraphic

order,

and with

original

moisture

content.

This

process

has

been

the

norm

for

both

historical

and

ongoing

exploration activities at the Property.

This

work

typically

performed

the

supervising

driller,

geologist,

company

personnel.

Samples

are

most

often

delivered

the

company

the

driller

after

each

shift

acquired

company personnel

or representatives.

Most of the

coal core

samples were

obtained by previous

current

operators

on the

Property.

MM&A did

not participate

in the

collection,

sampling and

analysis of the core samples.

However,

it is reasonable to assume, given the consistency

of quality

from previous operators, that these samples

were generally collected and processed

under industry

best practices.

This assumption is based on MM&A’s

familiarity with the operating companies

and

the companies used to perform the analyses.

8.2

Lab Procedures

Coal quality

testing has

been performed

over many

years

by operating

companies using

different

laboratories and testing regimens.

Some of the

samples have raw analyses and

washabilities on the

full seam (with coal and rock parting layers co-mingled) and are mainly useful for characterizing the

coal quality for projected production from underground

mining.

Other samples have coal and rock

analyzed

separately,

the

results

which

can

manipulated

forecast

either

surface

underground mining quality.

Care has been

taken to use only

those analyses

that are representative

the

coal

quality

parameters

for

the

appropriate

mining

type

for

each

sample.

Unlike

many

Appalachian

properties,

Mon

Valley

only

has

interest

one

deep

seam;

therefore,

the

analyses

have likely been completed following

a consistent protocol.

Standard procedure

upon receipt of

core samples by the

testing laboratory

is to log the

depth and

thickness

the

sample,

then

perform

testing

specified

representative

the

operating

company.

Each

sample

then

analyzed

accordance

with

procedures

defined

under

ASTM

International (

ASTM

)

standards including, but not

limited to; washability (ASTM D4371);

ash (ASTM

D3174);

sulfur

(ASTM

D4239);

Btu/lb.

(ASTM

D5865);

volatile

matter

(ASTM

D3175);

Free

Swell

Index (FSI) (ASTM D720).

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

While not confirmed

by MM&A, it

is assumed

that best practices

and ASTM (or

equivalent standards

at the time

of testing) were

utilized in laboratory quality

testing.

Since 1970

(the earliest coal

quality

information

available),

the

Property

has

been

controlled

primarily by

CONSOL

utilizing

their

own

corporate

laboratories

including:

CONSOL Research

Laboratory

in Library,

PA,

CONSOL’s

Mathies

Mine Laboratory

at Mathies

Mine in

southwest Pennsylvania

and

Dickinson Laboratories,

Inc.

(El

Paso, Texas).

Both CONSOL’s Research Laboratory and the

Mathies Mine

lab have since

been closed.

Since

1977

the

present,

additional

laboratories

not

affiliated

with

coal

companies

who

have

provided analytical data for the Property include:

Geochemical Testing

(Somerset, Pennsylvania)

– accredited by

the National Environmental

Laboratory Accreditation Program

(NELAP).

SGS

North

America

(Sophia,

West

Virginia)

–

leading

accredited

body

and

Nationally

Recognized Test

Laboratory (

NRTL

)

; currently analyzing samples for Coronado.

Data Verification

9.1

Procedures of Qualified Person

MM&A reviewed the digital geologic

database supplied by Coronado.

The database consists of

data

records, which

include drill hole

information for

holes that

lie within and

adjacent to

the Property

and records

for numerous

supplemental coal

seam thickness measurements.

Upon completion of

the database

verification,

copies of

each entry

were

printed,

and cross

referenced

to the

original

document for

verification.

Once the initial

integrity of the

database was

established, stratigraphic

columnar sections were

generated using

cross-sectional analysis to

establish or confirm

coal-seam

correlations.

Geophysical

logs

were

used

wherever

available

assist

confirming

the

seam

correlation and to verify proper seam thickness measurements and recovery

of coal samples.

After establishing and/or verifying proper seam correlation, seam data control maps and geological

cross-sections were generated

and again used to verify seam correlations and data

integrity.

Once

the database was fully vetted, seam thickness, base-of-seam elevation, roof and

floor lithology, and

overburden maps were independently generated

for use in the mine planning process.

9.2

Limitations

As with any exploration program, localized anomalies

cannot always be discovered.

The greater the

density of

the samples

taken,

the less

the risk.

Once an

area is

identified as

being of

interest

for

inclusion

the

mine

plan,

additional

samples

are

taken

help

reduce

the

risk

those

specific

areas.

In general, provision is made in the mine planning portion of the study to allow for localized

anomalies that are typically classed more as a nuisance than a hinderance.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

9.3

Opinion of Qualified Person

Sufficient data

has been obtained

through various

exploration and

sampling programs

and mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons

situated

on the

Property.

The data

is of

sufficient

quantity

and reliability

reasonably

support the coal resource and coal reserve estimates in this TRS.

Mineral Processing and Metallurgical Testing

10.1

Testing

Procedures

Separate

tabulations

have

been

compiled

for

basic

chemical

analyses

(both

raw

and

washed

quality), petrographic data, rheological data

and chlorine, ash, ultimate and sulfur analysis.

Available

coal quality

data

were

tabulated

by resource

area in

a Microsoft®

EXCEL

workbook and

the details of that work are maintained on file at the offices of Coronado and MM&A.

These tables

also

provide

basic

statistical

analyses

the

coal

quality

data

sets,

including

average

value;

maximum

and

minimum

values;

and

the

number

samples

available

represent

each

quality

parameter

the

seam.

Coal

samples

that

were

deemed

MM&A

geologists

unrepresentative

were

not

used

for

statistical

analysis

coal

quality,

documented

the

tabulations.

representative

group

drill

hole

samples

from

the

Property

were

then

checked

against the original drill laboratory reports to verify accuracy

and correctness.

The amount and areal extent of coal sampling

for geological data is generally sufficient to represent

the quality characteristics of

the coal horizons

and allow for

proper market placement of

the subject

coal seams.

For some of

the coal deposits

there are considerable laboratory data

from core samples

that

are representative

of full

extent

of the

resource

area;

and for

others

there are

limited

data

represent

the

resource

area.

For

example,

the

active

operations

with

considerable

mining, there

may

be limited

quality data

within some

of the

remaining resource

areas;

however,

in those

cases the

core sampling

data can

be supplemented

with operational

data from

mining and shipped quality samples representative of the resource area.

10.2

Relationship of Tests

to the Whole

The extensive

sampling and

testing procedures

typically followed

in the

coal

industry result

in an

excellent

correlation

between

samples and

marketable

product.

The Upper

Freeport

seam has

long

history

saleable

production

the

high-volatile

metallurgical

and

thermal

markets,

consistent

with

exploration

results.

Degradation

coking

coal

characteristics

over

time

not

anticipated to be an issue.

10.3

Lab Information

Each sample

is analyzed

at area

Laboratories

that operate

in accordance

with procedures

defined

under ASTM standards including, but not limited to; washability (ASTM D4371); ash (ASTM D3174);

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

sulfur (ASTM

D4239); Btu/lb.

(ASTM D5865);

volatile matter

(ASTM D3175);

Free Swell

Index (FSI)

(ASTM D720).

While not confirmed

by MM&A, it

is assumed

that best practices

and ASTM (or

equivalent standards

at the time

of testing) were

utilized in laboratory quality

testing.

Since 1970

(the earliest coal

quality

information

available),

the

Property

has

been

controlled

primarily by

CONSOL

utilizing

their

own

corporate

laboratories

including:

CONSOL

Research

Laboratory

Library,

PA,

CONSOL’s

Mathies

Mine

Laboratory

Mathies

Mine

southwest

Pennsylvania

and Dickinson

Laboratories,

Inc. (El

Paso, Texas).

Both CONSOL’s Research Laboratory and the

Mathies mine

lab have since

been closed.

Since

1977

the

present,

additional

laboratories

not

affiliated

with

coal

companies

who

have

provided analytical data for the Property include:

Geochemical Testing

(Somerset, Pennsylvania) – accredited

by the NELAP.

SGS North America (Sophia,

West Virginia) – a leading

accredited body and a

NRTL; currently

analyzing samples for Coronado.

10.4

Relevant Results

No critical factors have been found

that would adversely affect the recovery

of the Reserve.

Mineral Resource Estimates

MM&A independently created

a geologic model to define

the coal resources at

the Property.

Coal

resources were estimated

as of December 31, 2023.

11.1

Assumptions, Parameters and Methodology

Geological

data

was

imported

into

Carlson

Mining®

(formerly

SurvCADD®)

geological

modelling

software

in the

form

of Microsoft®

Excel

files incorporating

drill hole

collars,

seam and

thickness

picks, bottom

seam elevations

and raw

and washed

coal quality.

These data

files were

validated

prior to importing into the software.

Once imported, a geologic model was created, reviewed, and

verified with

a key

element being

a gridded model

of coal

seam thickness.

Resource tonnes

were

estimated by using the

seam thickness grid

based on each

valid point of observation

and by defining

resource confidence arcs around the

points of observation.

Points of observation for Measured

and

Indicated

confidence

arcs

were

defined

for

all

valid

drill

holes

that

intersected

the

seam

using

standards

deemed acceptable

by MM&A

based on

a detailed

geologic evaluation

and a

statistical

analysis

all

drill

holes

within

the

projected

reserve

areas

described

Section

11.1.1

The

geological

evaluation

incorporated

analysis

seam

thickness

depositional

environments, adjacent roof and floor lithologies, and structural influences.

After validating coal seam data and establishing correlations, the thickness and elevation for seams

economic

interest

were

used

generate

geologic

model.

Due

the

relative

structural

simplicity

the

deposits

and

the

reasonable

continuity

the

tabular

coal

beds,

the

principal

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

geological

interpretation

necessary

define

the

geometry

the

coal

deposits

the

proper

modeling

their

thickness

and

elevation.

Both

coal

thickness

and

quality

data

are

deemed

MM&A to be reasonably sufficient within the resource areas.

Therefore, there is a reasonable level

of confidence in the geologic

interpretations required for coal resource determination based on the

available data and the techniques applied to the data.

Table 11-1

below provides the geological mapping and

coal tonnage estimation criteria used for the

coal resource

and reserve

evaluation.

These cut-off

parameters

have

been developed

by MM&A

based on

its experience

with the

Coronado properties

and are

typical of

mining operations

in the

Northern Appalachian Coal

Basin.

This experience includes

technical and economic

evaluations of

numerous

properties

in the

region

for

the

purposes of

determining

the

economic

viability of

the

subject coal reserves.

Table 11-1:

General Reserve and Resource Criteria

Item

Parameters

Technical Notes & Exceptions*

•

General Criteria

Reserve Classification

Reserve and Resource

Reliability Categories

Reserve (Proven and Probable)

To better reflect geological conditions of the coal

deposits, distance between points of observation are

standard USGS (in meters), respectively, for measured

and indicated and inferred.

Effective Date of Resource

Estimate

December 31, 2023

Effective Date of Reserve Estimate

December 31, 2023

Seam Density

Variable, dependent upon seam characteristics (based

on available drill hole quality).

In the absence of

laboratory data, estimated by (1) assuming specific

gravity of 1.30 for coal and 2.25 to 2.5 for rock

parting, or (2) 1280 kg/m3 to 1324 kg/m3 for a

"clean" seam)

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Item

Parameters

Technical Notes & Exceptions*

•

Underground-Mineable Criteria

Map Thickness

Total seam thickness

Minimum Seam Thickness

1.2 meters (locally <1.2 m for limited areas integral

to the mine plan)

Pangburn was mapped at 0.92-meter cutoff in

conjunction with Coronado mine plan.

Minimum Mining Thickness

1.4 meters

Minimum In-Seam Wash

Recovery

40 percent

Wash Recovery Applied to Coal

Reserves

Based on average yield for drill holes within

reserve area, or in the absence of laboratory

washability data, based on estimated visual

recovery using specific gravities noted above and

95 percent yield on "clean" coal

Out-of-Seam Dilution Thickness

for Run-of-Mine Tonnes Applied

to Coal Reserves

0.05 meters minimum

2243 kg/m³ density used for dilution tonnage

estimate

Mine Barrier

61-meter distance from abandoned mines and

sealed or pillared areas.

Adjustments Applied to Coal

Reserves

6 percent moisture increase; 5 percent

preparation plant inefficiency

Note:

Exceptions for application of these criteria

to resource and reserve estimation are made

as warranted and demonstrated by either actual

mining experience or detailed data that allows for empirical evaluation

of mining conditions.

Final classification of coal reserve is made based

on the pre-feasibility evaluation.

11.1.1

Geostatistical Analysis

MM&A completed a

geostatistical analysis on drill

holes within

the reserve boundaries

to determine

the applicability of the common United States classification system for measured and indicated and

inferred coal resources.

Historically,

the United States has assumed that coal within 0.4-kilometers

of a point of

observation represents a measured resource whereas coal

between 0.4 kilometers and

1.2

kilometers

from

point

observation

classified

indicated.

Inferred

resources

are

commonly

assumed

located

between

1.2

kilometers

and

4.8

kilometers

from

point

observation.

Per

SEC

and

JORC

regulations,

only

measured

and

indicated

resources

may

considered for reserve classification, respectively

as proven and probable reserves.

MM&A

performed

geostatistical

analysis

test

the

Mon

Valley

data

set

using

the

Drill

Hole

Spacing Analysis

(DHSA) method.

This method

attempts to

quantify the

uncertainty of

applying a

measurement

from

central

location

increasingly

larger

square

blocks

and

provides

recommendations

for determining

the distances

between drill

holes for

measured, indicated,

and

inferred resources.

perform DHSA the data

set was processed to remove

any erroneous data points,

clustered data

points, as

well as

directional trends.

This was

achieved through

the use

of histograms,

as seen

Figure 11-1, color

coded scatter plots

showing the geospatial positioning of

the borings, Figure 11-

2, and trend analysis.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure

11-1:

Histogram

the

Total

Seam

Thickness

for

the

Upper

Freeport Seam Present in the Mon Valley Complex

Figure 11-2:

Scatter plot

of the

Total

Seam Thickness

for the

Upper

Freeport Seam Present in the Mon Valley Complex

Following the completion of

data processing, a variogram

of the data set was

created,

Figure 11-3

The

variogram

plots average

square difference

against

the separation

distance

between

the data

pairs.

The

separation

distance

is broken

into

separate

bins defined

by a

uniform

lag distance

(e.g., for

a lag

distance of

152 meters

the bins

would be

0 –

152 meters,

153 –

305 meters,

etc.).

Each pair of data points that are less than one lag distance apart are reported in the first bin.

If the

data

pair

further

apart

than

one

lag

distance

but

less

than

two

lag

distances

apart,

then

the

variance is reported in the second bin.

The numerical average for differences

reported for each bin

is then plotted on the variogram.

Care was taken to

define the lag distance in such a way

as to not

overestimate any nugget effect

present in the data set.

Lastly, modeled equations, often spherical,

gaussian, or

exponential, are

applied to

the variogram

in order

to represent

the data

set across

continuous spectrum.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-3:

Variogram of the Total

Seam Thickness for the Upper Freeport Seam

Present in the Mon Valley Complex

The estimation

variance is

then calculated

using information

from the

modeled variogram

as well

charts

published

Journel

and

Huijbregts

(1978).

This

value

estimates

the

variance

from

applying

single

central

measurement

increasingly

larger

square

blocks.

Care

was

taken

ensure any nugget effect present was added back

into the data.

This process was repeated for each

test block size.

The final step of the process is to calculate the global estimation variance.

In this step,

the number

of square blocks that would fit inside the selected study area is determined

for each block size that

was

investigated

in the

step.

The estimation

variance

is then

divided by

the number

blocks that

would fit

inside the

study area

for

each test

block size

Following this

determination,

the data is then transformed back to represent

the relative error in the 95th-percentile range.

Figure 11-4

shows the results

of the

DHSA performed on

the Upper Freeport

data for the

Mon Valley

Complex.

DHSA provides hole

to hole

spacing values,

these distances need

to be converted

to radius

from a central point in order to

compare to the historical standards

A summary of the radius data

is shown

in Table

11-2.

DHSA prescribes

measured, indicated,

and inferred

drill hole

spacings be

determined at the 10-percent, 20-percent, and 50-percent

levels of relative error,

respectively.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 11-4:

Result of DHSA for the Upper Freeport Seam Present in the Mon Valley Complex

Table 11-2:

DHSA Results Summary for Radius from a Central Point

Model:

Measured Radial Distance

(10% Relative Error)

Indicated Radial Distance

(20% Relative Error)

Inferred Radial Distance

(50% Relative Error)

(km)

Gaussian:

0.72

1.42

3.53

Spherical:

0.72

1.42

3.53

Exponential:

0.75

1.43

3.49

Comparing

the

results

the

DHSA

the

historical

standards,

evident

that

the

historical

standards

are

conservative

than

even

the

most

conservative

DHSA

model

with

regards

determining measured resources.

The Gaussian and Spherical

models recommend using a

radius of

0.72 kilometers

for

measured resources

compared to

the historical

value of

0.4 kilometers.

With

respect

indicated

resources

the

DHSA

falls

line

closely

with

the

historical

standards.

The

Exponential model recommends using a radius of 1.43

kilometers, while the Spherical and Gaussian

models recommend a radius of 1.42

kilometers, respectively.

These values line up closely with the

historical radius

of 1.2 kilometers.

These results have

led the QPs

to report the

data following

the

historical classification standards, rather

than use the results of the DHSA.

11.2

Qualified Person’s Estimates

Mineral

resources,

representing

in-situ

coal

from

portion

which

reserves

are

derived,

are

presented below.

Based on the work described and detailed modelling of the areas

considering all

the parameters

defined, a

coal resource

estimate,

summarized

Table

11-3

, was

prepared

as of

December 31, 2023, for property controlled by Coronado.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 11-3:

Coal Resources Summary as of December 31, 2023

Coal Resource (Dry Tonnes, In Situ, Mt)

Resource Quality (Dry)

Area

Measured

Indicated

Inferred

Total

Ash%

Sulfur%

VM%

Inclusive of Reserve

291.0

213.5

9.3

513.8

1.4

Exclusive of Reserve

0.0

Total 12/31/2023

291.0

213.5

9.3

513.8

Note:

Resource tonnes are inclusive of reserve tonnes since they include the in-situ tonnes from which recoverable coal reserves are derived.

Note 2:

Coal resources are reported on a dry basis.

Surface moisture and inherent moisture are excluded.

Note 3: The Mon Valley properties do not have any resource tonnes exclusive of reserves as of December 31, 2023.

11.3

Qualified Person’s Opinion

While

there

some

level

stratigraphically

controlled

seam-thickness

variability

due

sand

channels,

etc.,

the

Upper

Freeport

coal

seam

the

mine

property

Mon

Valley

demonstrate

reasonable thickness consistency

according to

the classification system

measured

(0 kilometers

– 0.4

kilometers),

indicated

(0.4 kilometers

to 1.2

kilometers),

and

inferred

(1.2 kilometers

to 4.8

kilometers).

MM&A geologists and

engineers modeled

the deposit

and delineated

mineable regions

reflect

the nature

of each

seam and

the practicality

of mining

constraints.

Based on

MM&A’s

geostatistical

analysis,

would

possible

extend

the

measured,

indicated

and

inferred

arcs

slightly beyond

historically accepted

practices due to

consistent geological

settings.

The QPs have

again

elected

not

extend

arc

distances,

introducing

level

conservatism

measured

and

indicated coal classification.

Based on the data

review,

the attendant work

done to verify the data

integrity and the creation

independent

geologic model,

the

QPs

believe

this

is a

fair

and

accurate

representation

of the

Mon Valley coal resources.

Mineral Reserve Estimates

12.1

Assumptions, Parameters and Methodology

Coal Reserves are classified

as proven or probable

considering “modifying factors” including mining,

metallurgical, economic, marketing, legal,

environmental, social, and governmental

factors.

Proven

Coal

Reserves

are

the

economically

mineable

part

measured

coal

resource,

adjusted

for diluting

materials and

allowances for

losses when

the material

is mined.

It is

based

appropriate

assessment

and

studies

consideration

and

adjusted

for

reasonably

assumed

modifying

factors.

These

assessments

demonstrate

that

extraction

could be reasonably justified at the time of reporting.

Probable Coal

Reserves

are the

economically mineable

part of

an indicated

coal resource,

and

some circumstances

measured

coal

resource,

adjusted

for

diluting

materials

and

allowances for losses when

the material is

mined.

It is based

on appropriate assessment and

studies in

consideration of

and adjusted

for reasonably

assumed modifying factors.

These

assessments

demonstrate

that

extraction

could

reasonably

justified

the

time

reporting.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Upon completion of delineation

and calculation of coal

resources, MM&A generated a LOM plan

for

each of the projected

mines within the Mon Valley

Complex.

The footprint of

each reserve area

shown on the maps

in Appendix B.

The mine plans

were generated based on the forecast mine plan

and

permit

plan

provided

Coronado

with

modifications

MM&A

where

necessary

due

current

property

control

limits,

modifications

geologic

mapping,

other

factors

determined

during the evaluation.

Carlson Mining

software was

used to

generate

the LOM

plan for

Mon Valley.

The mine

plan was

sequenced

based

productivity

schedules

provided

Coronado.

MM&A

determined

the

productivity

estimates

and

plans

reasonable

based

experience

and

current

industry

practice.

the Mon

Valley

mines, a

minimum mining

height

of 1.4

meters

was

generally

used due

to the

continuous mining method

being employed;

however, Pangburn was mapped at

a 0.92-meter cutoff

conjunction

with

the

Coronado

mine

plan.

For

coal

seams

thinner

than

the

assigned

mining

height, the difference between the coal seam height and assigned mining height consists of out-of-

seam

dilution

(OSD).

Mine

recovery

generally

varies

between

percent

and

percent

for

continuous mining panels.

Plant recovery is

a function

of in-seam

recovery, OSD and plant efficiency

factor,

which is set at 95 percent.

Typical entry width is 5.8 meters.

Raw,

ROM

production

data

outputs

from

LOM

plan

sequencing

were

processed

into

Microsoft®

EXCEL spreadsheets

and summarized

on an

annual basis

for processing

into the

economic model.

Average seam densities were

estimated to determine raw

coal tonnes produced

from the LOM

plan.

Average mine recovery

and wash recovery factors were

applied to determine coal reserve tonnes.

Coal

reserve

tonnes

this

evaluation

are

reported

6.0

percent

moisture

and

represent

the

saleable product from the Property.

Pricing

data

provided

Coronado

described

Section

16.2.

The

pricing

data

assumes

blended HVB

domestic and

export FOB-mine

nominal price

of $164

per metric

tonne for

calendar

year

2029.

HVB

domestic

and

export

prices

respectively

are

increased

annual

inflation

thereafter.

The coal resource mapping and estimation process, described in the report, was

used as a basis for

the coal reserve

estimate.

Proven and

probable coal

reserves were

derived from

the defined coal

resource

considering

relevant

processing,

economic

(including

technical

estimates

capital,

revenue, and cost), marketing, legal, environmental, socioeconomic, and regulatory factors and are

presented on a moist, recoverable

basis.

As is customary

in the USA, the categories

for proven

and probable coal reserves

are based on the

distances

from

valid

points

measurement

determined

the

QPs

for

the

area

under

consideration.

For this

evaluation, measured

resource, which

may convert

to a

proven reserve,

based on a 0.4-kilometer radius from a valid point of observation.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Points

of observation

include exploration

drill holes,

degas holes,

and mine

measurements which

have been fully vetted

and processed into a

geologic model.

The geologic model is based on seam

depositional modeling, the

interrelationship of overlying and

underlying strata on seam mineability,

seam thickness trends,

the impact of seam

structure (i.e., faulting),

intra-seam characteristics,

etc.

Once

the

geologic

model

was

completed,

statistical

analysis,

described

Section

11.1.1

was

conducted

and

0.4-kilometer

radius

from

valid

point

observation

was

selected

define

Measured Resources.

Likewise,

the distance

between 0.4

and 1.2 of

a kilometer

radius was

selected to

define Indicated

Resources.

Indicated Resources may convert

to Probable Reserves

Inferred Resources (greater

than a 1.2-kilometer radius from a valid point of observation) are to be

excluded from Reserve consideration.

12.2

Qualified Person’s Estimates

Reserve tonnage

estimates provided

herein report

coal reserves

derived from

the in-situ resource

tons presented in

Table 11-3

, and not in addition to coal resources.

Coal reserves are presented on

a ROM basis in

Table

12-1

Proven and probable

coal reserves were

derived from the defined

coal

resource considering

relevant mining,

processing, infrastructure,

economic (including estimates

capital, revenue, and cost), marketing,

legal, environmental, socioeconomic and regulatory

factors.

The coal reserves, as shown in

Table 12-2

, are based on a technical evaluation of the geology and a

preliminary

feasibility

study

the

coal

deposits.

The

extent

which

the

coal

reserves

may

affected

by any

known environmental,

permitting, legal,

title, socioeconomic,

marketing, political,

or other relevant issues has been reviewed

rigorously.

Similarly, the extent

to which the estimates

coal

reserves

may

materially

affected

mining,

metallurgical,

infrastructure

and

other

relevant factors

has also been considered.

Table 12-1:

Coal Summary (ROM Basis (Moist)) as of December 31, 2023 (Mt)

Demonstrated Coal Reserves (Mt, Moist ROM)

By Reliability Category

By Mining Type

By Control Type

Quality (Dry)

Area / Mine

Proved

Probable

Total

Surface

Owned

Leased

Ash

Sulfur

Vol

Mon Valley

113.9

83.2

197.1

0.0

197.1

195.7

1.4

Table 12-2:

Coal Reserves Summary (Marketable Sales Basis) as of December 31, 2023 (Mt)

Demonstrated Coal Reserves (Wet Ton

nes, Washed or Direct Shipped, Mt)

Quality (Dry Basis)

By Reliability Category

By Mining Type

By Control Type

Property

Proven

Probable

Total

Surface

Owned

Leased

Ash%

Sulfur%

VM%

Mon Valley

77.8

56.6

134.4

0.0

134.4

133.4

1.0

1.4

Note: Marketable reserve tonnes are reported on a moist

basis, including a combination of

surface and inherent moisture.

The combination of

surface and inherent

moisture is

modeled at 6-percent.

Actual product

moisture is dependent

upon multiple geological

factors, operational

factors, and product contract

specifications and can exceed

8-percent.

As such, the modeled moisture

values provide a level

of conservatism

for reserve reporting.

The

results

this

TRS

define

estimated

134.4

proven

and

probable

marketable

coal

reserves.

Of that total, 58 percent are proven, and 42 percent are probable.

There are 133.4 Mt of

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

owned

coal

reserves

and

1.0

leased

coal

reserves.

All

the

Mon

Valley

reserves

are

considered

suitable

for

the

metallurgical

coal

market.

All

the

Mon

Valley

reserves

are

unassigned.

12.3

Qualified Person’s Opinion

The

estimate

of coal

reserves was

determined

in accordance

with the

JORC

Code along

with SEC

Regulation S-K 1300.

The LOM

mining plans

for Mon

Valley

were prepared

to the

level of

preliminary feasibility.

Mine

projections

were

prepared,

and

timing

scheduled

match

production

with

coal

seam

characteristics.

Production timing

was carried

out from

current locations

to depletion

of the

coal

reserve

area.

Coal reserve

estimates

could be

materially

affected

by the

risk factors

described in

Section 22.2.

Based on the Preliminary Feasibility Study

and the attendant Economic Review, the QPs believe this

is a fair and accurate calculation of the Mon Valley

coal reserves.

Mining Methods

Three separate underground mine areas were modeled and tested economically

for the Mon Valley

Complex.

Once the Resources were calculated,

mine plans were created to

project operating each

resource

area to

depletion, with

crews

and equipment

scheduled to

move

subsequent

mining

areas as depletion occurs.

Underground mine operations are projected to

be exhausted in 2101.

13.1

Geotech and Hydrology

Mining

plans

for

potential

underground

mines

were

developed

Coronado

and

MM&A.

Pillar

stability

was

tested

MM&A

using the

Analysis

Coal

Pillar

Stability

(ACPS)

program

that

was

developed by the

National Institute for Occupational Safety and

Health (

NIOSH

)

MM&A reviewed

the results from the ACPS analysis and considered them in the development of the LOM plan.

Hydrology is not

expected to be

an issue of concern at

Mon Valley.

Extensive mining has occurred

in the Pittsburgh seam,

183 meters above the Upper

Freeport horizon.

The Upper Freeport coal

has

been mined

in the

region—based on

successful historical

mining in

comparable

geologic settings,

material impacts related to hydrology

are not anticipated to be of concern.

13.2

Production Rates

The Mon Valley Complex is not

yet active, with three

distinct mines and preparation plants

planned.

The

mine

plan

and

productivity

expectations

reflect

historical

performance

similar

operations

and efforts have been made to adjust the

plan to reflect future conditions.

MM&A is confident that

the mine plan

is reasonably representative to provide

an accurate estimation of

coal reserves.

Mine

development and operation has not been optimized within the TRS.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Production

scheduled

for

approximately

273

days

each

year,

which

represents

production

Monday through

Friday plus

every other

Saturday with

allowances for

holidays.

On each day,

the

continuous mining sections

are scheduled to

produce coal on

two shifts; the third

shift is reserved

for

maintenance

and

mine

conveyor

belt

and

power

moves.

The

sections

are

configured

full

super sections with

two continuous

miners per

section.

Productivity is

planned at

the rate

of 272

meters of advance per shift for the super sections.

Carlson Mining software was used

by MM&A to generate mine plans

for the underground mineable

coal

seam.

Mine

plans

were

sequenced

based

productivity

schedules

provided

Coronado,

which

were

based

historically

achieved

productivity

levels.

All

production

forecasting

ties

assumed production rates

to geological models as

constructed by MM&A’s

team of geologists

and

mining engineers.

As shown in

Table

13-1

, the areas

planned for

underground mines

produce coal

until 2101.

Clean

coal production varies directly with coal thickness.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 13-1:

Production Summary by Mine by Year (Tonnes

x 1,000)

Mine Name

2032

2033

2034

2035

2036

2037

2038

2039

Pangburn

399

1,810

1,875

1,958

2,029

2,030

1,695

Fallowfield

Shaner

367

Total

399

1,810

1,875

1,958

2,029

2,030

2,062

Mine Name

2040

2041

2042

2043

2044

2045

2046

2047

Pangburn

1,339

637

603

Fallowfield

Shaner

620

1,125

1,763

1,804

1,724

1,717

1,641

1,719

Total

1,960

1,762

2,366

1,804

1,724

1,717

1,641

1,719

Mine Name

2048

2049

2050

2051

2052

2053

2054

2055

Pangburn

Fallowfield

Shaner

1,657

1,582

1,704

1,656

1,732

1,702

1,596

1,642

Total

1,657

1,582

1,704

1,656

1,732

1,702

1,596

1,642

Mine Name

2056

2057

2058

2059

2060

2061

2062

2063

Pangburn

Fallowfield

859

1,786

2,010

1,999

1,987

1,820

Shaner

1,750

1,751

1,750

1,796

1,723

1,839

1,775

1,674

Total

1,750

1,751

2,609

3,582

3,732

3,839

3,762

3,494

Mine Name

2064

2065

2066

2067

2068

2069

2070

2071

Pangburn

Fallowfield

1,657

1,855

1,893

1,900

1,869

1,862

1,707

1,783

Shaner

1,733

1,605

1,504

1,067

957

610

612

395

Total

3,390

3,460

3,398

2,967

2,826

2,472

2,318

2,178

Mine Name

2072

2073

2074

2075

2076

2077

2078

2079

Pangburn

Fallowfield

1,496

2,041

1,993

1,822

1,903

1,864

1,911

1,708

Shaner

Total

1,496

2,041

1,993

1,822

1,903

1,864

1,911

1,708

Mine Name

2080

2081

2082

2083

2084

2085

2086

2087

Pangburn

Fallowfield

1,931

1,757

1,563

2,034

1,423

2,073

1,485

1,798

Shaner

Total

1,931

1,757

1,563

2,034

1,423

2,073

1,485

1,798

Mine Name

2088

2089

2090

2091

2092

2093

2094

2095

Pangburn

Fallowfield

1,340

1,684

1,466

1,808

1,184

1,485

1,462

1,584

Shaner

Total

1,340

1,684

1,466

1,808

1,184

1,485

1,462

1,584

Mine Name

2096

2097

2098

2099

2100

2101

2102

2103

Pangburn

Fallowfield

1,229

1,570

1,590

1,277

813

356

Shaner

Total

1,229

1,570

1,590

1,277

813

356

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

13.3

Mining Related Requirements

A mine plan with

sequenced mining projections was prepared for each logical

mining unit.

For each

mine

plan,

the

appropriate

number

production

units

selected

for

the

resource

area,

and

productivity

level

assigned,

expressed

meters

advance

per

unit-shift

production.

The

productivity is

based on

the equipment

and personnel

configuration,

mining height

and expected

physical conditions.

13.4

Required Equipment and Personnel

Production

from

the proposed

Mon Valley

Complex

mines will

be conducted

using the

room

and

pillar method,

utilizing continuous miners

and haulage

using shuttle cars

to a

feeder-breaker located

at the

tail of

the section

conveyor

belt.

The feeder-breaker

crushes large

pieces of

coal and

rock

and regulates coal feed onto the mine conveyor.

Roof-bolting machines will be used to support

the

roof

on the

continuous miner

sections.

Roof-bolting

machines are

used to

install

roof

bolts,

and

battery scoops are available to clean the

mine entries and assist

in delivery of mine

supplies to work

areas.

Other

supplemental

equipment,

such

personnel

carriers,

supply

vehicles,

etc.,

are

also

planned to be used daily.

Mine conveyors typically range in width

up to 1.5

meters.

Multiple belt flights

are arranged in series

to deliver raw coal to the underground storage.

Along the main and sub-main entries and panels, a

travel way

will be provided

for personnel

and materials by

rubber-tired equipment

or on rail.

The

Mon

Valley

mines

will

use

conveyors

transport

ROM

coal

from

the

underground

production

sections to the surface

where the coal may

be sampled, crushed, washed in

the preparation plant,

and stockpiled to await shipment.

Surface ventilation

fans are planned

to be installed

as needed to provide

a sufficient volume

of air

to ventilate

production sections, coal haulage

and transport entries, battery

charging stations, and

transformers in accordance with approved

plans.

High-voltage cables will deliver

power throughout

the

mine

where

transformers

reduce

voltage

for

specific

equipment

requirements.

The

Mine

Improvement

and

New

Emergency

Response

Act

2006

(MINER

Act)

requires

that

carbon

monoxide

detection

systems

be install

ed along

mine

conveyor

belts

and that

electronic

two-way

tracking

and

communications

systems

installed

throughout

underground

mines.

Water

required

control

dust

production

sections

and

along

conveyor

belts,

and

cool

electric

motors.

Water

is available

from nearby

sources and

is distributed

within the mine

by pipelines as

required.

13.4.1

Mine:

Pangburn

The Pangburn mine is proposed to start in

2033 with three continuous mining sections.

The Upper

Freeport

seam

will

accessed

via

decline

slope

and

vertical

shaft.

This

mine

will

produce

metallurgical coal from leased and owned mineral.

Production

scheduled

for

approximately

273

days

each

year,

which

represents

production

Monday

through

Friday

and

every

other

Saturday.

each

day,

three

production

sections

are

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor belt and

power moves.

Each section

is configured as

full supersection

with two

continuous

miners available

for production.

Productivity is

planned at

the rate

of 272

meters of

advance per

shift for the super sections.

A total of 203 employees are assigned to the mine.

Principal production equipment on

each section includes two continuous

miners, two roof

bolters,

four

shuttle cars,

and two

scoops.

Coal is

planned to

be extracted

from the

production face

with

the continuous

miner and

hauled to

the mine

conveyor

in shuttle

cars.

the conveyor

belt, the

coal will be discharged

from the shuttle

cars onto a

feeder breaker

for transfer

onto the conveyor.

The

conveyors

will

carry

the

coal

outside,

where

planned

transported

via

overland

conveyor

the

proposed

Pangburn

preparation

plant

and

barge

load-out

the

Monongahela

River.

Rail access is expected to be provided by a CSX rail line.

The proposed Pangburn mine will be located approximately 1.6 kilometers south of the community

of Elizabeth,

Pennsylvania.

Main paved

roads exist

both east

and west

of the

site.

The proposed

dock, located on the western boundary of the

proposed Pangburn permit area, is currently used for

bulk material transshipment.

The area has hosted

both industrial and residential

development for

extensive

time

period.

extraordinary

measures

expenses

will

required

establish

infrastructure or utilities at the Pangburn site.

The

preliminary

design

for

the

Pangburn

mine

surface

facilities

was

provided

Coronado.

The

facilities include offices, warehouses,

shops, and a bathhouse for personnel;

a preparation plant to

process ROM coal;

a refuse area

with a

designed capacity of

approximately 35 million refuse tonnes;

raw coal storage at the plant totaling

approximated 100,000 tonnes, clean coal storage

at the plant

site of

approximately

54,000 tonnes,

and three

clean coal

stockpiles adjacent

to the

dock loading

facility

the

Monongahela

River.

The

three

river

stockpiles

have

designed

capacity

approximately 266,000 tonnes.

study

completed

and

approved

through

the

Pennsylvania

Department

Environmental

Protection

behalf

Coronado

has

identified

Preferred

Site

for

refuse

disposal

Pangburn

with

capacity

22.6 million

cubic

meters.

MM&A’s

estimated

requirements

for

Pangburn

and

Shaner combined is 29.7 million tonnes or approximately 13.2 million cubic meters.

The preliminary design layout of the Pangburn facilities is shown

Figure 13-1.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 13-1:

Proposed Pangburn Plant and Mine Site Infrastructure

13.4.2

Mine: Shaner

The

Shaner

mine

proposed

mine

the

Upper

Freeport

seam

and

scheduled

begin

production in 2039 as the Pangburn reserve is depleted.

This mine is a metallurgical coal operation

on leased and owned mineral property.

Production

scheduled

for

approximately

273

days

each

year,

which

represents

production

Monday

through

Friday

and

every

other

Saturday.

each

day,

three

production

sections

are

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor

belt

and

power

moves.

All

three

sections

are

full

super

sections

with

two

continuous

miners per

section.

Productivity is

planned at

the rate

of 272

meters of

advance per

shift for

the

super sections.

A total of 203 employees are assigned to the mine.

Principal production equipment per section includes two continuous miners,

two roof bolters, four

shuttle

cars,

and two

scoops.

Coal is

planned to

be extracted

from

the production

face

with the

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

continuous miner

and hauled to

the mine conveyor

in shuttle

cars.

At the

conveyor belt,

the coal

will be

discharged onto

a feeder

breaker

for transfer

onto the

conveyor.

The conveyors

will carry

the coal to the outside and to the proposed preparation

plant and load-out.

The Shaner

mine will

be located approximately 1.6

kilometers north of

the community

of Sutersville,

Pennsylvania,

between

the

Youghiogheny

and

Monongahela

Rivers.

Numerous

improved

roads

traverse the Property.

An additional shaft

and slope will

be required to access

Upper Freeport seam

reserves

west of

the Monongahela

River,

accessed across

the 1st

Street bridge

and Douglass

Run

Road.

The

immediate

vicinity

the

proposed

Shaner

surface

facilities

well

developed;

extraordinary

measures

expenses

will be

required

establish

infrastructure

or utilities

the

Fallowfield

site.

Due

the

projected

starting

date

for

the

Shaner

mine,

detailed

design

infrastructure or

surface facilities has

been completed to date.

The proposed mines are

located in

the

Appalachian

Basin,

which

has

extensive

history

(>100

years)

coal

mining.

There

sufficient population base

within commuting

distance of

the proposed

operations; no Camp

or Town

construction

will

required.

Mine

opening

capital

expenditures

are

included

the

MM&A

financial model.

Due to the projected start-up

date of the Shaner

mine, no permit work

has been completed to date.

The proposed mine

is located in

an area with

a long

history of coal

mining, with

numerous permitted

operations in close proximity.

Coal mining permits are routinely obtained in this region; a 2-year to

3-year

lead time

is recommended.

Estimated

expenditures for

mine closure

and site

reclamation

are included in the financial model for each mine or plant site.

Infrastructure for Shaner will resemble that

shown in Figure 13-1 for Pangburn.

13.4.3

Mine: Fallowfield

The

Fallowfield

mine

proposed

start

2058

with

three

production

sections.

The

Upper

Freeport

seam

will

accessed

via

decline

slope

and

vertical

shaft.

This

mine

will

metallurgical coal operation on leased and owned mineral

property.

Production

scheduled

for

approximately

273

days

each

year,

which

represents

production

Monday

through

Friday

and

every

other

Saturday.

each

day,

three

production

sections

are

scheduled

produce

coal

two

shifts;

the

third

shift

reserved

for

maintenance

and

mine

conveyor belt and power

moves.

The sections are

configured as super sections

with two continuous

miners available

for production.

Productivity is

planned at

the rate

of 272

meters of

advance per

shift of operation.

A total of 203 employees are assigned to the mine.

Principal production equipment includes

two continuous miners, two roof bolters, four shuttle

cars,

and

two

scoops.

Coal

planned

extracted

from

the

production

face

with

the

continuous

miner

and

hauled

the

mine

conveyor

shuttle

cars.

the

conveyor

belt,

the

coal

will

discharged

from

the

shuttle

cars

onto

feeder

breaker

for

transfer

onto

the

conveyor.

The

conveyors

will

carry

the

coal

outside,

where

transported

the

proposed

Fallowfield

preparation plant and truck load-out via overland conveyor.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

The

Fallowfield

property

boundary

traversed

the

four-lane

limited-access

Mon-Fayette

Expressway in addition

to numerous improved

roads.

Previous mining and

coal preparation facilities

have

existed

the

immediate

vicinity

the

proposed

Fallowfield

surface

facilities.

extraordinary

measures

expenses

will be

required

establish

infrastructure

or utilities

the

Fallowfield site.

Due to the

projected starting

date for

the Fallowfield

mine, no detailed

design of

infrastructure or

surface facilities has

been completed to date.

The proposed mines are

located in

the Appalachian

Basin, which

has an

extensive history (greater than

100 years) of

coal mining.

There

is a sufficient population

base within commuting distance

of the proposed operations;

no Camp or

Town

construction will be required.

Mine opening capital expenditures are

included in the MM&A

financial model.

Due to the projected

start-up date of

the Fallowfield mine, no permit

work has been completed

date.

The proposed

mine is

located

in an

area with

a long

history of

coal mining,

with numerous

permitted

operations

proximity.

Coal

mining

permits

are

routinely

obtained;

two-

three-year

lead

time

recommended.

Estimated

expenditures

for

mine

closure

and

site

reclamation are included in the financial model for each mine or plant site.

Infrastructure for Fallowfield

will resemble that shown in Figure 13-1 for Pangburn.

Processing and Recovery Methods

14.1

Description or Flowsheet

Due

the

projected

starting

date

for

the

Mon

Valley

Complex,

only

preliminary

design

preparation

plant

associated

material

handling

facilities

has

been

initiated

date.

Coal

processing

well

understood

science—it

anticipated

that

typical

coal

sizing,

cleaning

and

dewatering

equipment

will

utilized

for

processing

run-of-mine

coal

Pangburn,

including

combinations of

vibratory screens,

classifying cyclones, heavy

media baths, heavy

media cyclones,

spirals,

froth

flotation,

and

drain-and-rinse

screens,

screen-bowl

centrifuges,

among

others.

novel technologies will be required to process run-of-mine

material.

14.2

Requirements for Energy,

Water,

Material and Personnel

The Mon Valley property has sources

of water,

power,

personnel, and supplies readily available for

use.

Personnel

have

historically

been

sourced

from

the

surrounding

communities

Allegheny,

Washington, and

Westmoreland Counties, and have

proven to be adequate

in numbers to operate

the mines.

As mining is common in the surrounding

areas, the workforce

is generally familiar

with

mining practices, and

many are experienced

miners.

Water is

expected to be

sourced locally from

nearby public

water

sources or

rivers.

Electricity is

anticipated

to be

sourced from

West

Penn or

Duquesne

Light.

The

service

industry

the

areas

surrounding

the

proposed

mine

complex

has

historically

provided

supplies,

equipment

repairs

and

fabrication,

etc.

Barge

transport

the

Monongahela River/Ohio River

system will

serve as the main means

of product transport from

the

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

mine,

and

currently

serve

means

coal

transportation

for

neighboring

Pittsburgh

seam

operations.

Infrastructure

Due

the

projected

starting

date

for

the

Mon

Valley

mines,

only

conceptual

design

infrastructure and surface facilities has been completed

to date.

The proposed Pangburn mine will be located approximately 1.6 kilometers south of the community

of Elizabeth, PA.

Main paved roads exist both

east and west of

the site.

The proposed dock, located

on the western boundary of the proposed Pangburn permit area, is currently used for bulk material

transhipment.

The area

has hosted

both industrial

and residential

development

for

an extensive

time period.

No extraordinary measures or expenses will be

required to establish infrastructure

utilities at the Pangburn site.

The Shaner

mine will

be located approximately 1.6

kilometers north of

the community

of Sutersville,

PA,

between the Youghiogheny

and Monongahela Rivers.

Numerous improved

roads traverse

the

Property.

An additional

shaft and

slope will

be required

to access

Upper Freeport

seam reserves

west of the Monongahela River,

accessed across the 1st Street bridge and Douglass Run Road.

The

immediate

vicinity

the

proposed

Shaner

surface

facilities

well

developed;

extraordinary

measures or expenses will be required to establish

infrastructure or utilities at the Shaner site.

The

Fallowfield

property

boundary

traversed

the

4-lane

limited-access

Mon-Fayette

Expressway in addition

to numerous improved

roads.

Previous mining and

coal preparation facilities

have

existed

the

immediate

vicinity

the

proposed

Fallowfield

surface

facilities.

extraordinary

measures

expenses

will be

required

establish

infrastructure

or utilities

the

Fallowfield site.

Due to the

projected starting

date for

the Fallowfield

mine, no detailed

design of

infrastructure or surface facil

ities has been completed to date.

A CSX

rail line

and loadout on

the Monongahela

River as

well as

barge transportation

on the

river

are expected to serve as the primary means of transport for produced coal.

Market Studies

16.1

Market Description

The quality

characteristics for

the subject

coal resources

and coal

reserves have

been reviewed

detail

by MM&A.

The drill

hole data

were

utilized to

develop

average

coal quality

characteristics

for

the mining

site.

These average

coal

quality characteristics

were

then utilized

as the

basis for

determining the various markets into which the saleable coal will likely

be placed.

The projected quality specifications for the Mon Valley

products are as shown in

Table 16-1.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 16-1:

Quality Specifications by Product

HVB

Moisture (%)

7.50

Ash (%)

7.50

Sulfur (%)

1.2

Volatile Matter (%)

Btu/lb.

N/A

Fluidity (ddpm)

26,000

MMR (%)

0.98

CSR

FSI

7.50

Note:

All Specs are dry basis except

Moisture.

Life-of-mine sulfur for Pangburn

is an estimated 1.21%; however,

overall Mon Valley

Complex

reserve average is 1.36% sulfur.

All of the mine production is projected to serve the metallurgical markets.

The metallurgical coal is

marketed

as a

high-volatile (typically

greater

than 31

percent

volatile matter

content) product

both the domestic and export markets.

16.2

Price Forecasts

Coronado provided MM&A with price forecasts

for its proposed Mon Valley

operations in terms of

year-end 2024

(January) real

dollars.1

MM&A applied

a 2% annual

inflation rate

to the

Coronado

price forecast

in order

to estimate

revenues

in nominal

dollars.

Customer

coal

pricing is

derived

from

market

observed

forward

estimates

based on

global economic

supply and

demand

analysis

which is applied to mine plan sales volumes and product mix and is supplemented with Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

MM&A

extrapolated

the

provided

data

for

the

greenfield

Mon

Valley

operations.

Concurrent with aforementioned quality parameters

in the preceding section, production from the

proposed operations

is assumed to

be sold in

high volatile

domestic and export

coal markets

with

respective

percentages

percent

and

percent.

The

pricing

data

assumes

blended

HVB

domestic and export FOB-mine nominal

price of $164

per metric tonne

for calendar year 2029.

HVB

domestic and export prices respectively are increased by 2% annual inflation thereafter.

16.3

Contract Requirements

Some contracts are necessary for successful marketing of the

coal.

For Mon Valley, since all mining,

preparation

and marketing

is expected

to be done

in-house, the remaining

contracts

required will

be:

Transportation

– The Mine is expected

to contract with

barge transportation

companies or

with

CSX

Railroad

transport

the

coal

either

the

domestic

customers

ports

for

overseas shipments.

Handling

–

Contracts

for

vessels

for

export

sales

will

necessary.

These

are

expected to be handled by annual negotiations based on projected shipments.

1 The Coronado pricing forecast was provided to

MM&A in real 2024 (January) dollars based on

sales price information from AME Group adjusted for

transportation costs to an FOB Mine basis.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Sales

– Sales

contracts are expected to

be a

mix of

spot and

contract sales.

With the

volatility

of the market, long-term contracts are

not expected to be written.

Environmental Studies, Permitting

and Plans,

Negotiations or Agreements with Local Individuals

17.1

Results of Studies

MM&A

is not

aware

of any

Phase

I Environmental

Site

Assessment

(ESA)

completed

on the

Mon

Valley property on behalf

of Coronado.

Coronado reports not

having conducted such

a study.

Based

on our experience

with Coronado,

it is the

QPs’ opinion that

Coronado has a

generally typical

coal

industry

record

compliance

with

applicable

mining,

water

quality,

and

environmental

laws.

Estimated

costs

for

mine closure,

including water

quality monitoring

during site

reclamation,

are

included in the financial models.

17.2

Requirements and Plans for Waste

Disposal

study

completed

behalf

Coronado

has

identified

Preferred

Site

for

refuse

disposal

Pangburn

with

capacity

22.6 million

cubic

meters.

Estimated

requirements

for

Pangburn

and

Shaner combined is 29.7 million tonnes or approximately

13.2 million cubic meters.

Permitting for

such a facility is anticipated to be achievable.

17.3

Permit Requirements and Status

All

mining

operations

are

subject

federal

and

state

laws

and

must

obtain

permits

operate

mines, coal preparation and related facilities,

haul roads, and other incidental surface disturbances

necessary for

mining to

occur.

Permits

generally

require

that

the

permittee

post

performance

bond in

an amount

established by the

regulatory program to provide

assurance that any

disturbance

or liability

created during

mining operations

is properly

restored

to an

approved post-mining

land

use and

that all

regulations and

requirements

of the

permits are

fully satisfied

before

the bond

returned

the

permittee.

Significant

penalties

exist

for

any

permittee

who

fails

meet

the

obligations

the

permits

including

cessation

mining

operations,

which

can

lead

potential

forfeiture

of the bond.

Any company,

and its directors,

owners, and

officers, which

are subject to

bond forfeiture can be denied future permits under the program.

The refuse disposal

area will receive

combined coarse refuse

from the proposed

preparation plant

by conveyor belts.

The fine material will be

processed by filter press technology where the

majority

of the water is removed.

The filter cake material will be placed on the refuse conveyor

for disposal

with the coarse portion of the refuse material.

2 Monitored under the Applicant Violator System

(AVS) by the Federal

Office of Surface Mining.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

New permits

or permit

revisions will occasionally

be necessary

to facilitate the

expansion or

addition

of new

mining areas

on the

properties, such

as amendments

to existing

permits and

new permits

for mining

of reserve

areas.

Exploration permits

are also

required.

Property under

lease includes

provisions

for

exploration

among

the

terms

the

lease.

New

modified

mining

permits

are

subject

public

process

and

comment

period,

and

the

public

provided

opportunity

raise

objections

any

proposed

mining

operation.

MM&A

not

aware

any

specific

prohibition

mining

the

subject

property

and

given

sufficient

time

and

planning,

Coronado should

be able

to secure

new permits

to maintain

its planned mining

operations within

the context

of current

regulations.

Portions of

the properties are

located near

local communities.

Regulations prohibit

mining activities within 91

meters of a

residential dwelling, school,

church, or

similar structure

unless written

consent is

first obtained

from the

owner of

the structure.

Where

required, such consents

have been obtained

where mining is

proposed beyond the

regulatory limits.

MM&A

unaware

any

obvious

current

Coronado

permitting

issues

that

are

expected

prevent the issuance of future

permits.

Coronado, along with all

coal producers, is subject to

a level

of uncertainty regarding future clean

water permits due to

United States Environmental Protection

Agency (EPA) and United States

Fish and Wildlife (

USFW

)

involvement with state programs.

17.4

Local Plans, Negotiations or Agreements

MM&A found

no indication

of requirements

for agreements

beyond the

scope of Federal

or State

Regulations.

MM&A identified

local zoning

requirements from Forward

Township in Allegheny County

for surface

areas of

the proposed

Pangburn mine.

Additionally,

local floodplain

permits and building

permits

will be required.

17.5

Mine Closure Plans

Applicable

regulations

require

that

mines

properly

closed,

and

reclamation

commenced

immediately

upon

abandonment.

general,

site

reclamation

includes

removal

structures,

backfilling, regrading, and revegetation of disturbed areas.

Sediment control is required during the

establishment of vegetation, and

bond release generally requires

a minimum

five-year period of

site

maintenance, water sampling, and

sediment control following

mine completion.

This requirement

reduced

two

years

for

certain

operations

involving

re-mining.

Reclamation

of underground

mines includes

closure and

sealing of

mine openings

such as

portals and

shafts in

addition to

the

items listed above.

Estimated

costs

for

mine closure,

including water

quality monitoring

during site

reclamation,

are

included in the financial

model.

As with all

mining companies, an accretion

calculation is performed

annually

so the

necessary Asset

Retirement

Obligations

(ARO)

can

be shown

a Liability

on the

Balance Sheet.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

17.6

Qualified Person’s Opinion

The QPs know

of no reason that any permits that may be required cannot be obtained.

Estimated expenditures for site

closure and

reclamation are included

in the

financial model

for these

sites.

Capital and Operating Costs

18.1

Capital Cost Estimate

The production sequence selected for

a property must consider the proximity

of each reserve area

coal

preparation

plants,

river

docks

and

railroad

points,

along

with

suitability

production equipment to coal seam conditions.

The in-place infrastructure was evaluated, and any

future needs were planned to a level suitable for a Preliminary Feasibility Study and included in the

Capital Forecast.

MM&A

developed

capital

spending

estimates

for

the

proposed

operations

the

Mon

Valley

Complex.

MM&A’s

capital schedules assume that major equipment rebuilds occur over the course

of each

machine’s remaining assumed operating

life.

Replacement equipment was

scheduled based

on MM&A’s

experience and

knowledge of

mining equipment

and industry

standards

with respect

to the useful life of such equipment.

A summary of the estimated capital for the Property is provided

Figure 18-1

below.

Figure 18-1:

CAPEX

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

18.2

Operating Cost Estimate

Coronado

provided

historical

summary

operating

costs

for

similar

operations

for

MM&A’s

review.

MM&A used the historical and/or budget cost information

as a reference and developed a

personnel

schedule

for

the

mine.

Hourly

labor

rates

and

salaries

were

based

upon

information

contained in Coronado’s financial summaries.

Fringe benefit costs were developed

for vacation and

holidays,

federal

and

state

unemployment

insurance,

retirement,

workers’

compensation

and

pneumoconiosis,

casualty

and

life

insurance,

healthcare,

and

bonuses.

cost

factor

for

mine

supplies was developed that

relates expenditures

to mine advance rates

for roof

control costs

and

other

mine

supply

costs

experienced

underground

mines.

Other

factors

were

developed

for

maintenance and repair costs, rentals, mine power,

outside services and other direct mining costs.

Other

cost

factors

were

developed

for

coal

preparation

plant

processing,

refuse

handling,

coal

loading, property

taxes,

and insurance

and bonding.

Appropriate

royalty

rates

were

assigned for

production from leased coal lands and sales

taxes were calculated

for federal black

lung excise tax,

and

federal

reclamation

fees.

There

are

currently

state

coal

severance

reclamation

taxes

required in Pennsylvania.

Mandated Sales Related Costs such as Black Lung Excise are

summarized in

Table 18-1

Table 18-1:

Estimated Coal Production Taxes

and Sales Costs

Description of Tax or Sales Cost

Basis of Assessment

Cost

Federal Black Lung Excise Tax - Underground

Per Tonne

$1.21

Federal Reclamation Fees – Underground

Per Tonne

$0.13

Royalties – Underground

Percentage of Revenue

Note:

Federal black lung excise tax

is paid only on

coal sold domestically.

MM&A assumed 67% of

total coal sales

to be domestic in

the economic

analysis discussed below.

A summary of the projected Operating Costs is in

Table 18-2

Table 18-2:

Mon Valley Operating Costs

12/31

2024

12/31

2025

12/31

2026

12/31

2027

12/31

2028

12/31

2029

12/31

2030

12/31

2031

Remaining

Total

LOM

Average

ROM Production Tonnes

198.7

2.9

Yield

68.10%

0.00%

68.10%

Saleable Production Tonnes*

135.311

2.0

Thermal Tonnes

Domestic Met Tonnes

89.3

1.3

Export Met Tonnes

46.0

0.7

Total Saleable Tonnes

135.3

2.0

Cash Costs per Tonne:

Mining Costs

$112.93

$112.90

Processing and Transport

$42.60

Sales Related Costs

$1.97

G&A

$5.32

Total Cash Costs

$162.81

$162.79

Financial model includes 0.9 million tonnes of inferred coal production.

Inferred coal represents 0.6% of the total production, and none of this

coal was included in the estimate of reserves.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Economic Analysis

19.1

Assumptions, Parameters and Methods

A pre-feasibility LOM plan

was prepared by

MM&A for

the proposed Mon

Valley operations.

MM&A

prepared

mine

projections

and

production

timing

forecasts

based

coal

seam

characteristics.

Production

timing was

carried out

from

2033 to

depletion (exhaustion)

of the

coal reserve

areas,

which

projected

for

the

year

2101.

All

costs

and

prices

are

based

year-end

2023

nominal

United States dollars.

The Mine

plan, productivity

expectations and cost

estimates generally reflect

historical performance

Coronado

and

efforts

have

been

made

adjust

plans

and

costs

reflect

future

conditions.

MM&A is confident

that the mine

plan and

financial model

are reasonably representative to provide

an accurate estimation of coal reserves.

Capital

schedules were

developed by

MM&A for

mine development,

infrastructure,

and on-going

capital

requirements

for

the

life

of the

mine.

Staffing

levels

were

prepared,

and operating

costs

estimated

MM&A.

MM&A

utilized

historical

cost

data

provided

Coronado

and

its

own

knowledge and experience to estimate direct and indirect operating

costs.

The

preliminary

feasibility

financial

model,

prepared

for

this

TRS,

was

developed

test

the

economic viability of

the coal reserve

area.

The results of

this financial model

are not intended

represent

bankable

feasibility

study,

required

for

financing

any

current

future

mining

operations,

but

are

intended

prove

the

economic

viability

of the

estimated

coal

reserves.

All

costs and prices are based on year-end 2023 nominal United

States dollars assuming a 2% inflation

rate.

On an unlevered basis, the NPV of the project cash flows after taxes was

estimated for the purpose

classifying

coal

reserves.

The

project

cash

flows,

excluding

debt

service,

are

calculated

subtracting direct

and indirect

operating expenses

and capital

expenditures from

revenue.

Direct

costs include labor, drilling and

blasting, operating supplies,

maintenance and repairs,

facilities costs

for

materials

handling,

coal

preparation,

refuse

disposal,

coal

loading,

sampling

and

analysis

services,

reclamation

and

general

and

administrative

costs.

Indirect

costs

include

statutory

and

legally

agreed

upon

fees

direct

extraction

the

mineral.

The

indirect

costs

are

the

Federal

black

lung

tax,

Federal

reclamation

taxes,

property

taxes,

local

transportation

prior

delivery

rail

barge

sites,

coal

production

royalties,

sales

and

use

taxes,

and

income

taxes.

Coronado’s historical

costs provided a useful reference

for MM&A’s

cost estimates.

Sales revenue is based on

the metallurgical coal price information provided to MM&A

by Coronado.

Projected

debt

service

excluded

from

the

P&L

and

cash

flow

model

order

determine

Enterprise Value.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

The financial model expresses coal sales prices, operating costs, and capital expenditures in current

day

dollars

without

adjustment

for

inflation.

Capital

expenditures

and

reclamation

costs

are

included based

on engineering

estimates for

each mine

by year.

The Coronado

division’s

existing

allocations of administrative costs are

continued in the future projections.

Coronado will pay royalties for the various current and projected operations.

The royalty rates vary

mining method

and location.

The

royalty

rates

for

Mon

Valley

are estimated

to be

7% of

the

sales revenue.

The

projection

model

also

includes

consolidated

income

tax

calculations

the

Coronado

level,

incorporating statutory

depletion calculations, as well

as state income

taxes, and a

federal tax rate

21%.

the

extent

the

mine

generates

net

operating

losses

for

tax

purposes,

the

losses

are

carried over to offset future taxable

income.

The terms “cash flows” and “project cash flows” used

in this report refer to after tax

cash flows.

Consolidated cash flows are driven by annual sales

tonnage, which grows from 0.4 million tonnes in

2033

peak

3.8 million

tonnes

2061.

Between

years

2062

and

2091,

sales

range

from

1.5 million to 2.7 million tonnes and between years 2092-2101, sales range from 0.4 million tonnes

to 1.3 million

tonnes.

Projected consolidated

revenue grows

from $78.3 million

in 2033 to

a peak

of $1.3 billion in 2061.

Revenue totals $53.5 billion for the project’s

life.

Consolidated cash flow from operations is positive throughout the projected operating period, with

the

exception

of post

-production

years,

due to

end-of-mine

reclamation

spending.

Consolidated

cash flow from operations peaks at $627.9 million in 2062

and totals $15.4 billion over the project’s

life.

Capital

expenditures

total

$527.3 million during

the

first

five

years

and

$3.9 billion over

the

project’s life.

Coal

price

forecasts

for

coal

products

were

prepared

Coronado

for

its

active

operations

and

modified

appropriately

MM&A

for

its

greenfield

operations.

Such

prices

were

used

for

the

revenue input into the

financial model.

Sales variable costs such

as production royalties were based

upon the revenue input.

19.2

Results

The

pre-feasibility

financial

model,

prepared

MM&A

for

this

TRS,

was

developed

test

the

economic viability of

each coal resource

area.

The results of

this financial model

are not intended

to represent

a bankable feasibility

study,

as may be

required for

financing of any

current or future

mining operations contemplated but are intended

to prove the economic viability of the estimated

coal reserves.

Optimization of the LOM plan was outside the scope of the engagement.

Figure 19-1

shows the annual variance of cash costs per ton.

Table 19-1

shows LOM tonnage, P&L,

and EBITDA for each proposed Coronado mines in Mon Valley

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Figure 19-1:

Cash Costs per Tonne

shown

above,

the

mines’ average

cash

cost

ranges

between

approximately

$73

and

$338

per

tonne for most of the operating period.

Table 19-1:

Life-of-Mine Tonnage,

P&L before Tax,

and EBITDA ($000)

LOM

P&L

LOM

EBITDA

Tonnes*

Pre-Tax P&L

Per Tonne

EBITDA

Per Tonne

Pangburn

14,376

$1,375,780

$95.70

$1,987,175

$138.23

Fallowfield

72,640

$18,671,106

$257.04

$21,133,469

$290.93

Shaner

48,294

$7,602,034

$157.41

$8,739,568

$180.97

Consolidated PA Deep Mines

135,309

$27,648,920

$204.34

$31,860,212

$235.46

Note:

*Financial model includes 0.9 million

tonnes of inferred coal production.

Inferred coal represents 0.6% of the total production,

and none

of this coal was included in the estimate of reserves.

shown

Table

19-1

the

mines

show

positive

EBITDA

over

the

LOM.

Overall,

Coronado’s

consolidated operations show positive LOM P&L and LOM EBITDA of $27.6 billion and $31.9 billion,

respectively.

A summary of

the key

financial performance

metrics projected

for years

is provided

below in

Table 19-2.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 19-2:

Summary of Mon Valley Key Financial Performance Metrics (2024-2031)

12/31

2024

12/31

2025

12/31

2026

12/31

2027

12/31

2028

12/31

2029

12/31

2030

12/31

2031

Remaining

Total

LOM

Average

ROM Production Tonnes

198.7

2.9

Yield

68.10%

0.00%

68.10%

Saleable Production Tonnes*

135.311

2.0

Thermal Tonnes

Domestic Met Tonnes

89.3

1.3

Export Met Tonnes

46.0

0.7

Total Saleable Tonnes

135.3

2.0

Cash Costs per Tonne:

Mining Costs

$112.93

$112.90

Processing and Transport

$42.60

Sales Related Costs

$1.97

G&A

$5.32

Total Cash Costs

$162.81

$162.79

EBITDA per Tonne

$232.89

$232.92

Expansion CapEx ($M)

$38.02

$5.56

$32.46

Maintenance CapEx ($M)

$3,848.14

$38.38

$54.43

Total CapEx

$3,886.15

$5.56

$32.46

$38.38

$54.43

Financial model includes 0.9 million tonnes of inferred coal production.

Inferred coal represents 0.6% of the total production, and none of this

coal was included in the estimate of reserves.

After-Tax

Cash Flows

were developed

in order

to calculate

the NPV

for

this Property.

The NPV

estimated to be $563.4 million at a discount

rate of 10.0%.

A summary of the Mon Valley after

-tax

cash flow is shown in

Table 19-3

Table 19-3:

Project Cash Flow Summary (000)*

YE12/31

Total

2028

2029

2030

2031

2032

Production & Sales tonnes

135,311

Total Revenue

$53,543,217

EBITDA

$22,878,217

$(388)

Net Income

$11,796,769

$(388)

Net Cash Provided by Operating Activities

$15,418,952

$(388)

$(328)

Purchases of Property, Plant, and Equipment

$(3,886,154)

$(5,556)

$(32,461)

$(38,382)

$(230,691)

Net Cash Flow

$11,532,798

$(388)

$(5,944)

$(32,849)

$(38,770)

$(231,019)

YE12/31

2033

2034

2035

2036

2037

2038

Production & Sales tonnes

399

1,810

1,875

1,958

2,029

2,030

Total Revenue

$78,296

$362,106

$382,594

$407,547

$430,792

$439,609

EBITDA

$46,091

$230,681

$245,301

$265,119

$283,202

$289,071

Net Income

$(34,286)

$140,882

$121,310

$131,898

$147,171

$160,015

Net Cash Provided by Operating Activities

$37,454

$188,509

$200,525

$213,069

$227,279

$239,643

Purchases of Property, Plant, and Equipment

$(220,159)

$(5,973)

$(1,492)

$(23,825)

$(21,154)

$(220,098)

Net Cash Flow

$(182,704)

$182,535

$199,033

$189,243

$206,125

$19,544

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2039

2040

2041

2042

2043

2044

Production & Sales tonnes

2,062

1,960

1,762

2,366

1,804

1,724

Total Revenue

$455,388

$441,481

$405,009

$554,640

$431,343

$420,513

EBITDA

$299,233

$282,680

$246,717

$355,857

$259,717

$249,422

Net Income

$148,359

$159,358

$124,218

$201,201

$155,408

$140,412

Net Cash Provided by Operating Activities

$252,685

$239,821

$209,856

$264,281

$200,448

$197,055

Purchases of Property, Plant, and Equipment

$(198,968)

$(17,709)

$(15,403)

$(21,709)

$(9,653)

$(15,904)

Net Cash Flow

$53,717

$222,112

$194,453

$242,571

$190,795

$181,152

YE12/31

2045

2046

2047

2048

2049

2050

Production & Sales tonnes

1,717

1,641

1,719

1,657

1,582

1,704

Total Revenue

$427,051

$416,456

$444,946

$437,356

$426,059

$468,115

EBITDA

$252,966

$242,678

$263,719

$255,907

$244,963

$276,975

Net Income

$154,860

$163,403

$176,959

$170,156

$161,907

$181,850

Net Cash Provided by Operating Activities

$201,354

$194,705

$200,387

$200,909

$193,250

$210,580

Purchases of Property, Plant, and Equipment

$(105,936)

$(32,944)

$(3,311)

$(5,576)

$(21,182)

$(43,937)

Net Cash Flow

$95,418

$161,760

$197,075

$195,333

$172,067

$166,643

YE12/31

2051

2052

2053

2054

2055

2056

Production & Sales tonnes

1,656

1,732

1,702

1,596

1,642

1,750

Total Revenue

$463,895

$494,756

$495,913

$474,451

$497,980

$541,261

EBITDA

$271,431

$294,451

$293,461

$274,133

$291,105

$323,591

Net Income

$177,355

$206,754

$205,313

$186,501

$196,906

$224,271

Net Cash Provided by Operating Activities

$214,333

$224,264

$225,466

$215,317

$222,950

$245,045

Purchases of Property, Plant, and Equipment

$(26,060)

$(4,135)

$(20,511)

$(39,988)

$(30,028)

$(36,861)

Net Cash Flow

$188,273

$220,129

$204,955

$175,329

$192,922

$208,184

YE12/31

2057

2058

2059

2060

2061

2062

Production & Sales tonnes

1,751

2,609

3,582

3,732

3,839

3,762

Total Revenue

$552,393

$839,589

$1,175,652

$1,249,528

$1,310,820

$1,310,433

EBITDA

$330,405

$494,167

$701,904

$754,323

$798,832

$793,460

Net Income

$249,858

$295,564

$442,235

$473,877

$508,672

$492,348

Net Cash Provided by Operating Activities

$270,454

$378,130

$521,997

$586,273

$620,328

$627,936

Purchases of Property, Plant, and Equipment

$(538,808)

$(89,843)

$(36,104)

$(44,278)

$(21,847)

$(132,543)

Net Cash Flow

$(268,354)

$288,286

$485,893

$541,995

$598,481

$495,393

YE12/31

2063

2064

2065

2066

2067

2068

Production & Sales tonnes

3,494

3,390

3,460

3,398

2,967

2,826

Total Revenue

$1,241,303

$1,228,573

$1,278,870

$1,280,972

$1,141,063

$1,108,535

EBITDA

$732,113

$720,210

$757,835

$754,462

$680,158

$663,742

Net Income

$446,588

$500,822

$521,333

$515,526

$450,699

$434,909

Net Cash Provided by Operating Activities

$595,943

$568,873

$577,763

$583,053

$543,306

$522,205

Purchases of Property, Plant, and Equipment

$(60,459)

$(26,978)

$(66,446)

$(58,982)

$(120,137)

$(56,340)

Net Cash Flow

$535,484

$541,895

$511,317

$524,071

$423,169

$465,865

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2069

2070

2071

2072

2073

2074

Production & Sales tonnes

2,472

2,318

2,178

1,496

2,041

1,993

Total Revenue

$988,943

$946,112

$906,727

$635,345

$883,982

$880,465

EBITDA

$594,651

$554,448

$531,931

$346,940

$538,047

$535,996

Net Income

$384,720

$356,548

$335,438

$231,328

$359,458

$366,134

Net Cash Provided by Operating Activities

$480,465

$443,994

$423,083

$260,436

$368,430

$408,513

Purchases of Property, Plant, and Equipment

$(118,056)

$(37,796)

$(41,704)

$(27,793)

$(47,154)

$(29,787)

Net Cash Flow

$362,409

$406,198

$381,378

$232,643

$321,276

$378,726

YE12/31

2075

2076

2077

2078

2079

2080

Production & Sales tonnes

1,822

2,098

2,055

2,107

1,883

2,129

Total Revenue

$820,772

$874,560

$874,031

$913,861

$833,007

$960,656

EBITDA

$488,892

$527,243

$524,666

$555,561

$491,518

$587,784

Net Income

$332,175

$373,438

$366,231

$382,757

$335,406

$410,847

Net Cash Provided by Operating Activities

$382,976

$392,261

$399,542

$415,100

$383,380

$424,802

Purchases of Property, Plant, and Equipment

$(3,295)

$(3,360)

$(41,878)

$(73,655)

$(15,800)

$(6,365)

Net Cash Flow

$379,682

$388,901

$357,664

$341,445

$367,580

$418,437

YE12/31

2081

2082

2083

2084

2085

2086

Production & Sales tonnes

1,937

1,723

2,242

1,568

2,285

1,637

Total Revenue

$891,498

$809,214

$1,073,587

$766,070

$1,138,488

$832,210

EBITDA

$531,568

$460,863

$663,473

$428,042

$708,813

$464,168

Net Income

$368,045

$304,770

$448,699

$277,710

$492,938

$308,597

Net Cash Provided by Operating Activities

$409,096

$358,874

$460,364

$364,186

$480,016

$392,806

Purchases of Property, Plant, and Equipment

$(25,353)

$(73,457)

$(43,005)

$(12,687)

$(19,996)

$(33,624)

Net Cash Flow

$383,743

$285,417

$417,359

$351,499

$460,019

$359,182

YE12/31

2087

2088

2089

2090

2091

2092

Production & Sales tonnes

1,982

1,477

1,857

1,616

1,993

1,305

Total Revenue

$1,027,701

$781,052

$1,001,339

$888,873

$1,118,529

$747,144

EBITDA

$612,327

$424,413

$581,701

$495,500

$667,329

$373,435

Net Income

$412,609

$267,442

$390,044

$326,813

$454,337

$232,648

Net Cash Provided by Operating Activities

$432,632

$353,475

$408,375

$388,300

$469,549

$335,144

Purchases of Property, Plant, and Equipment

$(41,648)

$(60,042)

$(27,048)

$(31,038)

$(4,523)

$(40,242)

Net Cash Flow

$390,984

$293,433

$381,327

$357,262

$465,027

$294,902

YE12/31

2093

2094

2095

2096

2097

2098

Production & Sales tonnes

1,637

1,612

1,747

1,355

1,731

1,752

Total Revenue

$955,700

$959,852

$1,060,820

$839,478

$1,093,737

$1,129,433

EBITDA

$536,078

$531,972

$608,559

$412,363

$623,984

$652,244

Net Income

$344,367

$335,321

$398,419

$255,237

$407,178

$415,344

Net Cash Provided by Operating Activities

$374,267

$401,019

$443,538

$347,072

$431,542

$484,871

Purchases of Property, Plant, and Equipment

$(85,557)

$(75,058)

$(4,895)

$(4,993)

$(48,993)

$(79,742)

Net Cash Flow

$288,710

$325,960

$438,643

$342,078

$382,550

$405,129

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

YE12/31

2099

2100

2101

2102

2103

2104

Production & Sales tonnes

1,407

896

393

Total Revenue

$925,181

$600,980

$268,578

EBITDA

$493,808

$312,584

$135,457

Net Income

$335,906

$195,168

$94,312

Net Cash Provided by Operating Activities

$310,205

$239,384

$(26,022)

Purchases of Property, Plant, and Equipment

$(17,075)

$(5,405)

$(2,757)

Net Cash Flow

$293,130

$233,979

$(28,778)

Financial model includes 0.9 million tonnes of inferred coal production.

Inferred coal represents 0.6% of the total production, and none of this

coal was included in the estimate of reserves.

19.3

Sensitivity

of the

NPV

results

changes

the

key

drivers

is presented

the

chart below.

The

sensitivity study shows

the NPV at

the 10.0% discount rate

when Base Case sales

prices, operating

costs, and capital costs are increased and decreased in increments

of 5% within a +/- 15% range.

Figure 19-2:

Sensitivity of NPV

As shown, NPV is quite sensitive to changes in sales price and operating cost estimates, and slightly

sensitive to changes in capital cost estimates.

Adjacent Properties

20.1

Information Used

No Proprietary information associated with neighboring properties was

used as part of this study.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Other Relevant Data

and Information

MM&A

performed

audit of

the

Property

2017 for

Coronado

based

SEC

Industry

Guide

standards.

MM&A

has

subsequently

conducted

Joint

Ore

Reserve

Committee

(JORC)

compliant resource and reserve

assessments of the

Mon Valley assets as

of:

(1) December 31,

2017,

(2)

December 31,

2020,

(3)

December 31,

2021,

and

(4)

December 31,

2022.

assignment,

the

JORC

assessment

included

preliminary

feasibility

level

study

the

subject

coal

reserves,

encompassing

detailed

mine

planning

and

cost

analysis

through

depletion

Mon

Valley’s

JORC-

compliant coal reserves.

MM&A utilized these former preliminary feasibility studies as the basis of

an updated study which meets those standards set forth by the JORC Code and SEC in Regulation S-

K 1300.

Interpretation and

Conclusions

22.1

Conclusion

Sufficient data

has been obtained

through various

exploration and

sampling programs

and mining

operations

support

the

geological

interpretations

seam

structure

and

thickness

for

coal

horizons

situated

on the

Property.

The data

is of

sufficient

quantity

and reliability

reasonably

support the coal resource and coal reserve estimates in this TRS.

The

geological

data

and

preliminary

feasibility

study,

which

consider

mining

plans,

revenue,

and

operating

and

capital

cost

estimates

are

sufficient

support

the

classification

coal

reserves

provided herein.

This geologic evaluation conducted in conjunction with the preliminary feasibility study is sufficient

to conclude that the 134.4

Mt of marketable underground

coal reserves identified on the Property

are

economically

mineable under

reasonable

expectations

of market

prices for

metallurgical

coal

products, estimated operation costs,

and capital expenditures.

22.2

Risk Factors

Risks have

been identified

for

operational,

technical and

administrative

subjects addressed

in the

Pre-Feasibility

Study.

A risk

matrix has

been constructed

to present

the risk

levels for

all the

risk

factors identified and quantified in

the risk assessment process.

The risk matrix and

risk assessment

process

are

modeled

that

presented

the

Australian

and

New

Zealand

Standard

Risk

Management (AS/NZS 4360).

The

purpose

the

characterization

the

project

risk

components

inform

the

project

stakeholders

key

aspects

the

Coronado

projects

that

can

impacted

events

whose

consequences can affect

the success of the venture.

The significance of an impacted

aspect of the

operation

directly

both

the

probability

occurrence

and

the

severity

the

consequences.

The initial risk for

a risk factor

is herein defined

as the risk level

after the potential

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

impact

the

risk

factor

addressed

competent

and

prudent

management

utilizing

control

measures readily available.

Residual risk for a risk factor is herein defined as the risk

level following

application

special

mitigation

measures

management

determines

that

the

initial

risk

level

unacceptable.

Initial risk and residual risk can be quantified numerically,

derived by the product of

values assigned to probability and consequence ranging from very low risk to very high risk.

The probability and consequence

parameters are subjective numerical estimates made

by practiced

mine engineers and

managers.

Both are

assigned values

from 1 to

5 for which

the value

1 represents

the

lowest

probability

and least

consequence,

and the

value

5 represents

the highest

probability

and greatest

consequence.

The products, which define

the Risk Level,

are classified from

very low

to very high.

Risk Level Table

(R = P x C)

Risk Level (R)

Very Low (1 to 2)

Low (3 to 5)

Moderate (6 to 11)

High (12 to 19)

Very High (20 to 25)

Risk aspects

identified and

evaluated

during this

assignment total

13.

No residual

risks are

rated

Very High.

Four (4) residual risks are rated High.

Six (6) of the risk aspects could be associated with

Moderate residual risk.

Three (3) of the risk aspects

were attributed Low or Very Low residual risks.

22.2.1

Governing Assumptions

The listing of the aspects is

not presumed to be exhaustive.

Instead that listing is

presented based

on the experiences of the contributors to the TRS.

The probability and consequence ratings are subjectively assigned, and it is assumed that this

subjectivity reasonably reflects the condition of the active and projected mine operations.

The

Control

Measures

shown

the

matrices

presented

in this

chapter

are

not

exhaustive.

They

represent

condensed

collection

activities

that

the

author

the

risk

assessment

section has observed to be effective in coal mining scenarios.

Mitigation

Measures

listed

for

each

risk

factor

the

operation

are

not

exhaustive.

The

measures listed, however,

have been observed by the author to be effective.

The monetary values used in

ranking the consequences are generally

-accepted quantities for

the coal mining industry.

22.2.2

Limitations

The risk assessment proposed in

this report is subject to

the limitations of the information currently

collected, tested, and interpreted

at the time of the writing of the report.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

22.2.3

Methodology

The

numerical

quantities

(i.e.,

risk

levels)

attributable

either

“initial”

“residual”

risks

are

derived

by the

product

of values

assigned to

probability

and consequence

ranging

from

very low

risk to very high risk.

R = P x C

Where:

R = Risk Level

P = Probability of Occurrence

C = Consequence of Occurrence

The Probability (P) and

Consequence (C) parameters recited in the

formula are subjective numerical

estimates

made

practiced

mine

engineers

and

managers.

Both

and

are

assigned

integer

values

ranging

from

for

which

the

value

represents

the

lowest

probability

and

least

consequence,

and the

value 5

represents

the highest

probability

and greatest

consequence.

The

products (R = P x C) which define the Risk Level, are

thereafter classified from very low to very high.

Risk Level Table

Risk Level (R)

Very Low (1 to 2)

Low (3 to 5)

Moderate (6 to 11)

High (12 to 19)

Very High (20 to 25)

Very

high

initial

risks

are

considered

unacceptable

and

require

corrective

action

well

advance of project

development.

In short,

measures must be

applied to reduce

very high initial

risks

to a tolerable level.

shown

and

discussed

above,

after

taking

into

account

the

operational,

technical,

and

administrative actions that have been

applied or

are available for action

when required, the

residual

risk can be determined.

The residual risk provides

a basis for the

management team to determine

if the residual risk

level is acceptable or tolerable.

If the risk level

is determined to be unacceptable,

further actions should be considered to reduce the residual risk to acceptable or tolerable

levels to

provide justification for continuation

of the proposed operation.

22.2.4

Development of the Risk Matrix

Risks have

been identified for

the technical,

operational, and

administrative

subjects addressed

the

TRS.

The

risk

matrix

and

risk

assessment

process

are

modeled

that

presented

the

Australian and New Zealand Standard on Risk Management (AS/NZS 4360).

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

22.2.4.1

Probability Level Table

Table 22-1:

Probability Level Table

Category

Probability Level (P)

Remote

Not likely to occur except in exceptional circumstances.

<10%

Unlikely

Not likely to occur; small in degree.

10 - 30%

Possible

Capable of occurring.

30 - 60%

Likely

High chance of occurring in most circumstances.

60 - 90%

Almost Certain

Event is expected under most circumstances; impossible to avoid.

>90%

The lowest rated probability of occurrence is assigned the value of 1 and described as remote, with

a likelihood

of occurrence

of less

than ten

percent.

Increasing values

are assigned

to each

higher

probability

of occurrence,

culminating

with the

value

of 5

assigned to

incidents considered

almost certain to occur.

22.2.4.2

Consequence Level Table

Table 22-2

lists the consequence levels.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 22-2:

Consequence Level Table

Correlation of Events in Key Elements of the Project Program

to Event Severity Category

Category

Severity of

the Event

Financial Impact

of the Event

Unplanned

Loss of

Production

(Impact on

Commercial

Operations)

Events Impacting

on the Environment

Events Affecting the Program's

Social and Community

Relations

Resultant Regulatory /

Sovereign Risk

Events Affecting Occupational Health &

Safety

Insignificant

< USD

$0.5 million

≤ 12 hours

Insignificant loss of

habitat; no

irreversible effects

on water,

soil and

the environment.

Occasional nuisance impact on

travel.

Event recurrence avoided by corrective

action through established procedures

(Engineering, guarding, training).

Minor

USD $0.5 million

to $2.0 million

≤ 1 day

No significant

change to species

populations; short-

term reversible

perturbation to

ecosystem function.

Persistent nuisance impact on

travel.

Transient adverse media

coverage.

First aid – lost time.

Event recurrence

avoided by corrective action through

established procedures.

Moderate

USD $2.0 million

to $10.0 million

≤ 1 week

Appreciable change

to species

population;

medium-term (≤10

years) detriment to

ecosystem function.

Measurable impact on travel

and water/air quality.

Significant adverse media

coverage / transient public

outrage.

Uncertainty securing or

retaining essential

approval / license.

Medical Treatment – permanent

incapacitation.

Avoiding event

recurrence requires modification to

established corrective action procedures.

Change to regulations

(tax; bonds; standards).

Major

USD

$10.0 million to

$50.0 million

1 to 2 weeks

Change to species

population

threatening

viability; long-term

(>10 years)

detriment to

ecosystem function.

Long-term, serious impact on

travel and use of water

resources; degradation of air

quality; sustained and effective

public opposition.

Suspension / long-delay

in securing essential

approval / license.

Fatality.

Avoiding event recurrence

requires modification to established

corrective action procedures and staff

retraining.

Change to laws (tax;

bonds; standards).

Critical

>USD

$50.0 million

>1 month

Species extinction;

irreversible damage

to ecosystem

function.

Loss of social license.

Withdraw / failure to

secure essential

approval / license.

Multiple fatalities.

Avoiding event

recurrence requires major overhaul of

policies and procedures.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

The

lowest

rated

consequence

assigned

the

value

and

described

Insignificant

Consequence,

parameters

which

include

non-reportable

safety

incidents

with

zero

days

lost

accidents, no environmental damage,

loss of production or systems for less than

12 hours and cost

less

than

USD

$0.5 million.

Increasing

values

are

assigned

each

higher

consequence,

culminating with the value of

5 assigned to critical consequences, the

parameters of which include

multiple-fatality

accidents,

major

environmental

damage,

and

loss

production

systems

for

longer than one month and cost of greater than USD $50.0 million.

Composite Risk Matrix R = P x C and Color-Code Convention

The risk level, defined as the

product of probability of occurrence and consequence, ranges in

value

from

1 (lowest

possible risk)

25 (maximum

risk level).

The

values

are color-coded

to facilitate

identification of the highest risk aspects.

Table 22-3:

Risk Matrix

P x C = R

Consequence (C)

Insignificant

Minor

Moderate

Major

Critical

Probability Level (P)

Remote

Unlikely

Possible

Likely

Almost

Certain

22.2.5

Categorization of Risk Levels and Color Code Convention

Very

high

risks

are

considered

unacceptable

and

require

corrective

action.

Risk

reduction

measures must be applied to reduce very high risks to a tolerable level.

22.2.6

Description of the Coal Property

The Mon Valley Reserve (including Pangburn, Shaner and Fallowfield Areas) is located

in Allegheny,

Washington,

and Westmoreland

Counties, Pennsylvania.

Mon Valley

underground operations

are

projected

commence

2033

the

Mon

Valley

Complex

the

large

Upper

Freeport

seam

reserve area.

Three mines are planned,

and each will

utilize continuous mining methods.

The initial

operation is designated as the Pangburn Mine;

subsequently, the Shaner Mine is projected for 2039

and followed

by the

Fallowfield Mine

in 2058.

The operations

are projected

to utilize

continuous

mining production

sections.

The method

provides

continuity,

preserving skilled

work groups

and

enabling effective utilization of production equipment.

The Upper Freeport seam

is below drainage

and therefore all mines will be accessed with slopes and shafts.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

22.2.7

Summary of Residual Risk Ratings

Each

risk factor

is numbered,

and

risk level

for

each

is determined

multiplying

the

assigned

probability by

the assigned

consequence.

The risk

levels are

plotted

on a

risk matrix

to provide

composite

view

the

Coronado

risk

profile.

The

average

risk

level

8.4,

which

defined

Moderate.

Table 22-4:

Risk Assessment Matrix

Consequence

Critical

>$50 MM

9, 10

Major

$10-50MM

1, 2, 3

Moderate

$2-10 MM

Minor

$0.5-$2 MM

7, 13

Low

<$0.5 MM

<10%

10-30%

30-60%

60-90%

>90%

Remote

Unlikely

Possible

Likely

Almost

Certain

22.2.8

Risk Factors

high-level

approach

utilized

characterize

risk

factors

that

are

generally

similar

across

number of

the active

and proposed

mining operations.

Risk factors

that

are

unique to

a specific

operation or are particularly noteworthy are

addressed individually.

22.2.8.1

Geological and Coal Resource

Coal

mining

accompanied

risk

that,

despite

exploration

efforts,

mining

areas

will

encountered

where geological

conditions render

extraction

of the

resource to

be uneconomic,

that coal quality characteristics disqualify the product for sale into

target markets.

illustrate these points, the Upper Freeport coal seam deposits at Mon Valley are examined.

The

coal

deposited

large,

elliptical

pods.

During

deposition,

the

raised

peat

deposits

were

surrounded

areas

void

peat

and

deposited

instead

with

dirt,

clay,

and

stream

channels.

Consequently,

the perimeter

of the

peat,

and consequent

coal

deposits may

contain

significantly

higher concentration of ash

and sulfur, and reduced product yield.

The perimeter deposits

may also

affected

immediate

roof

and

floor

conditions

that

adversely

affect

mining

cost

and

productivity.

Meandering sandstone

channels may

reduce coal

seam thickness by

scouring action

at the top of the coal seam and support the migration of sulfur to the Upper Freeport seam.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Offsetting the geological and

coal resource risk

are the massive

size of the

controlled property which

allows

large

areas

mined

the

three

designated

mine

areas

sufficiently

away

from

areas

where coal quality

and mineability

are less

favorable.

In addition,

the mines

are designed to

operate

with

multiple

production

sections,

which

lessens

the

immediate

impact

when

one

section

encounters difficulties.

The large reserve areas also

provide a mitigation strategy

of developing an

additional

(spare)

section

each

mine

which

can

activated

when

adverse

conditions

are

encountered,

thereby

maintaining

consistent

production

and quality.

The

spare

section requires

additional mine extension cost but increases flexibility and performance consistency.

Table 22-5:

Geological and Coal Resource Risk Assessment (Risks 1 and 2)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Recoverable coal tonnes

recognized to be

significantly less than

previously estimated.

Reserve base is adequate to

serve market commitments

and respond to opportunities

for many years.

Local

adverse conditions may

increase frequency and cost of

production unit relocations.

Previous and ongoing

exploration and extensive

regional mining history

provide a high level of

confidence of coal seam

correlation, continuity of the

coal seams, and coal

resource tonnes.

Optimize mine plan

to increase resource

recovery; develop

mine plan to provide

readily available

alternate mining

locations to sustain

expected production

level.

Coal quality locally

proves to be lower than

initially projected.

If uncontrolled, production and

sale of coal that is out of

specification can result in

rejection of deliveries,

cancellation of coal sales

agreements and damage to

reputation.

Exploration and vast

experience and history in

local coal seams provide

confidence in coal quality;

limited excursions can be

managed with careful

product segregation and

blending.

Develop mine plan

to provide readily

available alternate

mining locations to

sustain expected

production level;

modify coal sales

agreements to

reflect coal quality.

22.2.8.2

Environmental

Water

quality and

other permit

requirements

are subject

to modification

and such

changes could

have a

material impact on

the capability of

the operator

to meet modified

standards or

to receive

new permits and modifications

to existing permits.

Permit protests

may result in delays

or denials

to permit applications.

Environmental standards and permit requirements have evolved significantly over the

past 50 years

and

to-date,

mining

operators

and

regulatory

bodies

have

been

able

adapt

successfully

evolving environmental requirements.

The Residual

Risk has is

projected to

be slightly higher

for the

reserves due to

the proximity

the rivers and the residual environmental

complaints, in the vicinity, left

from mining in the past.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 22-6:

Environmental (Risks 3 and 4)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Environmental

performance standards

are modified in the future.

Delays in receiving new

permits and modifications to

existing permits; cost of testing

and treatment of water and

soils

Work with regulatory

agencies to understand and

influence final standards;

implement testing,

treatment and other actions

to comply with new

standards.

Modify mining and

reclamation plans to

improve compliance

with new standards

while reducing cost

of compliance.

New permits and permit

modifications are

increasingly delayed or

denied.

Interruption of production and

delayed implementation of

replacement production from

new mines.

Comply quickly with testing,

treatment and other actions

required; continue excellent

compliance performance

within existing permits.

Establish and

maintain close and

constructive working

relationships with

regulatory agencies,

local communities

and community

action groups.

22.2.8.3

Regulatory Requirements

Federal

and

state

health

and

safety

regulatory

agencies

occasionally

amend

mine

laws

and

regulations.

The impact is

industry-wide.

Mining operators and regulatory agencies have been

able

to adapt successfully to evolving health and safety requirements.

Table 22-7:

Regulatory Requirements (Risk 5)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Federal and state mine

safety and health

regulatory agencies

amend mine laws and

regulations.

Cost of training, materials,

supplies and equipment;

modification of mine

examination and production

procedures; modification of

mining plans.

Participate in hearings and

workshops when possible to

facilitate understanding and

implementation; work

cooperatively with agencies

and employees to facilitate

implementation of new laws

and regulations.

Familiarity and

experience with new

laws and regulations

results in reduced

impact to operations

and productivity and

improved supplies

and equipment

options.

22.2.8.4

Market and Transportation

Most of the current and future production is expected to be directed to domestic and international

metallurgical markets.

Historically the metallurgical markets

have been cyclical and highly volatile.

The Mon Valley business plan assumes that 75 percent of production can be sold into the favorably

priced

metallurgical

market.

The mining

plan must

minimize

exposure

to the

perimeter reserves

where quality may not be suitable for the market plan and be flexible to manage exposure

to areas

where coal quality fails to meet metallurgical

standards.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 22-8:

Market and Transportation (Risks 6 and 7)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Volatile

coal prices

drop

precipitously.

Loss

revenue

adversely

affects

profitability;

reduced

cash

flow

may

disrupt

capital

expenditures plan.

Cost

control

measures

implemented;

capital

spending deferred.

High-cost

operations

closed,

and

employees

temporarily

furloughed.

Coal

quality

Mon

Valley

Upper

Freeport

mines is not adequate to

support

100

percent

metallurgical sales.

Reduced

revenue

from

percentage

thermal

sales

jeopardizes

financial

performance and expectations.

Lower preparation plant

gravities for ash and sulfur

reduction; segregate lower

quality coal when possible

and manage shipped

quality by blending.

Adjust

mine

plan

keep

minimize

exposure

perimeter

coal

and

sandstone

channels;

provide spare section

to sustain production

and quality when low

quality

areas

are

encountered.

Occasional delay or interruption of rail,

river and terminals service may be expected.

The operator

can

possibly

minimize

the

impact

delays

being

preferred

customer

fulfilling

shipment

obligations promptly and maintaining close working relationships.

Table 22-9:

Market and Transportation (Risk 8)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Rail or river transport is

delayed; storage and

shipping access at river

and ocean terminals is not

available.

Fulfillment of coal sales

agreements delayed; limited

coal storage at mines may

increase cost of rehandling;

production may be temporarily

idled.

Provide adequate storage

capacity at mines;

coordinate continuously with

railroad and shipping

companies to respond

quickly and effectively to

changing circumstances.

Provide back-up

storage facility along

with personnel,

equipment and

rehandle plan to

sustain production

and fulfill sales

obligations timely.

22.2.8.5

Mining Plan

Occupational health and

safety risks are inherent

in mining

operations.

Comprehensive training and

retraining

programs,

internal

safety

audits

and

examinations,

regular

mine

inspections,

safety

meetings, along

with support

of trained

fire brigades

and mine

rescue teams

are among

activities

that

greatly

reduce

accident

risks.

Employee

health monitoring

programs

coupled

with dust

and

noise monitoring and abatement reduce health risks to miners.

As underground mines are developed and

extended, observation of geological, hydrogeological and

geotechnical

conditions

leads

modification

of mine

plans

and

procedures

enable

safe

work

within the mine environments.

Highlighted

below

are

selected

examples

safety

and

external

factors

relevant

Coronado

operations.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

22.2.8.5.1

Methane Management

Coalbed methane is

present in coal

operations below

drainage.

Often the methane

concentration

is at such low levels that it can be readily managed with frequent testing and monitoring, vigilance,

and routine mine ventilation.

Very high methane concentrations may be present at greater depths.

High methane concentrations may require

degasification of the coal seam to assure safe mining.

Table 22-10:

Methane Management (Risk 9)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Methane hazard is present

in mines operating below

drainage.

Injury or loss of life; possible

ignition of gas and mine

explosion; potential loss of

mine and equipment

temporarily or permanently;

additional mine fan, mine

power, ventilation, monitoring

and examination requirements.

Low to moderate levels can

be managed with frequent

examinations, testing and

monitoring within the mine

ventilation system.

Excellent rock dust

maintenance minimizes

explosion propagation risk

should an ignition occur.

Very high-level

methane

concentrations may

require coal seam

degasification and

gob degasification if

longwall or pillar

extraction methods

are employed.

22.2.8.5.2

Mine Fires

Mine

fires,

once

common

mine operations,

are

rare

today.

Most

active

coal

miners

have

not

encountered a mine

fire.

Vastly improved mine power and

equipment electrical systems, along

with

safe

mine

practices

reduce

mine

fire

risks.

Crew

training

and

fire

brigade

support

and

training

improve response for containment and

control if a

fire occurs.

Spontaneous combustion within coal

mines, which is the source of most fires that occur today, is not expected to commonly occur at the

Coronado

property.

When

spontaneous

combustion

conditions

are

present,

monitoring

systems

are employed

for early

detection and

mine plans

are designed

to facilitate

isolation, containment

and rapid extinguishment.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 22-11:

Mine Fires (Risk 10)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Mine fire at underground

or surface mine operation.

Injury or loss of life; potential

loss of mine temporarily or

permanently; damage to

equipment and mine

infrastructure.

Inspection and maintenance

of mine power, equipment

and mine infrastructure;

good housekeeping;

frequent examination of

conveyor belt entries;

prompt removal of

accumulations of

combustible materials.

If spontaneous

combustion

conditions are

present, enhanced

monitoring and

examination

procedures will be

implemented; mine

design will

incorporate features

to facilitate isolation,

containment and

extinguishment of

spontaneous

combustion

locations.

22.2.8.5.3

Availability of Supplies and Equipment

The industry

has periodically

experienced

difficulty receiving

timely delivery

of mine

supplies and

equipment.

Availability

issues

often

accompanied

boom

periods

for

coal

demand.

Any

future

delivery

supplies

and

equipment

delays

are

expected

temporary

with

limited

impact

production.

Table 22-12:

Availability of Supplies and Equipment (Risk 11)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Disruption of availability

for supplies and

equipment.

Temporary interruption of

production.

Force majeure provision in

coal sales agreements to

limit liability for delayed or

lost sales.

Work closely with

customers to assure

delayed coal

delivery rather than

cancelled sales;

monitor external

conditions and

increase inventory

of critical supplies;

accelerate delivery

of equipment when

possible.

22.2.8.5.4

Labor

Work

stoppage

due

labor

protests

are

considered

unlikely

and

accompanied

limited

impact

should

occur.

Excellent

employee

relations

and

communications

limit

the

exposure

outside protesters.

Loss of supervisors

and skilled

employees to retirement is inevitable;

the impact

can be lessened with succession planning, training, and mentorship of new employees.

These will

be new

mines in

an historically

United Mine

Workers

of America

(UMWA)

represented

area.

Newer mines

in the area

are not represented

so the precedent

has been set.

However,

the

Residual risk is shown as slightly elevated over some other Coronado properties.

Coronado Global Resources Inc.

Statement of Coal Resources and Reserves for the

Mon Valley Complex Upper Freeport Holdings

in Accordance with the JORC Code and

United States SEC Regulation S-K 1300 as of December 31, 2023

Northern Appalachian Coal Basin

Pennsylvania, USA

ARSHALL

ILLER

SSOCIATES

Table 22-13:

Labor – Work Stoppage (Risk 12)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Work stoppage due to

strikes, slowdowns or

secondary boycott

activity.

Loss of production and coal

sales; damaged customer and

employee relations; reputation

loss.

Maintain excellent

employee relations and

communications; maintain

frequent customer

communications.

Develop plan for

employee

communications and

legal support to

minimize impact of

secondary boycott

activities.

Table 22-14:

Labor – Retirement (Risk 13)

Aspect

Impact

Control Measures

Initial Risk Level

Mitigation

Measures

Residual Risk Level

Retirement of supervisors

and skilled employees.

Loss of leadership and critical

skills to sustain high levels of

safety, maintenance and

productivity.

Monitor demographics

closely and maintain

communications with

employees who are

approaching retirement

age; maintain employee

selection and training

programs.

Maintain selection of

candidates and

implementation of in-

house or third-party

training for

electricians and

mechanics; develop

employee mentoring

program.

Recommendations

Coronado is

continuing to

work both

internally and

with outside

assistance to

further define

their

Resource Base and to Optimize the LOM Plan.

References

Publicly available information from various

State and Federal agencies was used where

relevant.

Reliance on Information Provided by the Registrant

A summary of

the information provided by Coronado relied upon

by MM&A for the purposes

of this

TRS is provided in

Table 25-1

Table 25-1:

Information from Registrant Relied Upon by MM&A

Category

Information Provided by Coronado

Report

Section

Marketing

Long-term price forecast used

in financial projections

16.2

Legal

Mineral control and surface

control rights as shown on maps

3.2, 3.3

Environmental

Permit and bonding information

17.3

APPENDIX

MM&A QUALIFICATION

APPENDIX

MAPS

APPENDIX

GLOSSARY OF TERMS

Appendix C

ARSHALL

ILLER

SSOCIATES

Glossary of Abbreviations and Definitions

Abbreviation

Definition

ACPS

Analysis of Coal Pillar Stability

ASTM

ASTM International

AVS

Applicant Violator System

Btu/lb.

British Thermal Unit per pound

Carlson

Mining

–

formerly

SurvCADD®

–

prevalent

software

package

used

for

modeling in the Appalachian region

CFR

Code of Federal Regulations

Coronado

Coronado Global Resources Inc.

CSR

Coke strength after

reaction

CSX

CSX Corporation, a rail-based freight transportation

company

Demonstrated

reserves

Demonstrated reserves are the sum of proven

and probable reserves.

EBITDA

Earnings before Interest,

Taxes,

Depreciation, and Amortization

EOM

End-of-mine reclamation

EPA

United States Environmental

Protection Agency

ESA

Limited Phase I Environmental Site Assessment

Feasibility Study

“…comprehensive

technical

and

economic

study

the

selected

development

option for

a mineral

project,

which includes

detailed

assessments

of all

applicable

modifying factors together with any other relevant operational factors, and detailed

financial analysis

that are

necessary to

demonstrate,

at the

time of

reporting, that

extraction is

economically viable.

According to the

proposed definition, the

results

of the

study may

serve as

the basis

for

a final

decision by

a proponent

or financial

institution

proceed

with,

finance,

the

development

the

project.

Thus,

feasibility

study

comprehensive,

with

higher

degree

accuracy,

and

yielding results with a higher level of confidence, than a pre-feasibility study.”

HWM

Highwall mining

In situ

Its natural position;

said specific

of a

rock, soil,

or fossil when

in the

situation in

which

was originally formed or deposited

Indicated

Resources

Indicated resources are those lying between 0.4-kilometer

and 1.2-kilometer radius

from such an observation point and reported herein as in-situ mineral

resources.

Inferred Resources

Inferred

resources

lie

than

1.2-kilometer

radius

from

valid

point

measurement but

less than 4.8

kilometers from

one and

reported herein

as in-situ

mineral resources.

JORC Code

Australasian

Code for

Reporting of

Exploration Results,

Mineral Resources

and Ore

Reserves

lb. SO2 / mm Btu

Pounds per sulfur dioxide per million British thermal units

LOM

Life-of-mine

M&R

Maintenance and repair

Measured

Resources

Measured resources are those lying within 0.4-kilometer radius

from a valid point of

measurement and reported herein as in-situ mineral resources.

MINER Act

Mine Improvement and New Emergency Response Act of 2006

Mineral Reserve

“…the

economically

mineable

part

Measured

and/or

Indicated

Mineral

Resource.

It includes

dilution materials and

allowances for losses,

which occur when

the material is mined

or extracted and is defined

by studies at Preliminary

Feasibility

level

appropriate

that

include

Modifying

Factors.

Such

studies

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

demonstrate

that,

the

time

reporting,

extraction

the

mineral

reserve

economically viable under reasonable investment and marketing

assumptions.”

Mineral Resource

“…a

concentration

occurrence

solid

material

economic

interest

the

Earth’s

crust in such

form, grade

or quality that

there are

reasonable prospects

for

eventual

economic extraction.

The location,

quantity,

grade,

continuity and

other

geological

characteristics

and

continuity

Mineral

Resource

are

known,

estimated or interpreted from specific

geological evidence and

knowledge, including

sampling.”

MM&A

Marshall Miller & Associates, Inc.

Modifying Factors

“…considerations

used

convert

Mineral

Resources

Mineral

Reserves.

These

include, but

are not

restricted

to,

mining, processing,

metallurgical,

infrastructure,

economic,

marketing,

legal,

environmental

compliance,

plans,

negotiations,

agreements with local individuals or groups and governmental factors.”

MRMR

Mineral Resources to Mineral Reserves

MSHA

United States Department of Labor Mine Safety and Health Administration

Million metric tonnes

NELAP

National Environmental Laboratory

Accreditation Program

NIOSH

National Institute for Occupational Safety

and Health

NRTL

Nationally Recognized Test

Laboratory

Norfolk Southern Corporation, a rail-based freight transportation

company

O&M

Operating and maintenance

OSD

Out-of-seam dilution

P&L

Profit and loss before tax

P.E.

Professional Engineer

Preliminary

Feasibility Study

“…as a

comprehensive

study of

a range

of options

for

the technical

and economic

viability of a mineral

project that has

advanced to a

stage where

a qualified person

has determined (in the case of underground mining) a preferred

mining method, or

in the case of surface mining) a pit configuration, and in all cases has determined an

effective method of mineral

processing and an

effective plan to sell

the product.

The

study’s financial analysis must

have the level of detail

necessary to demonstrate,

the time of reporting, that extraction is economically viable.

In addition, as noted in

the proposed definition of a pre-feasibility

study, while

a pre-feasibility study is less

comprehensive and results in a lower

confidence level than a

feasibility study, a pre-

feasibility study is more comprehensive and results

in a higher confidence level

than

an initial assessment.”

Property(ies)

Bituminous coal

deposits located

in southwestern

Pennsylvania.

The Pennsylvania

properties

include

the

combined

Pangburg,

Shaner,

and

Fallowfield

underground

mines in the Upper Freeport seam.

Qualified Person

“…a person who is a

mineral industry professional with at least five years of

relevant

experience in the

type of

mineralization and type

of deposit

under consideration and

in the specific type of activity that person is undertaking on behalf of the registrant.

addition,

the

proposed

definition

requires

qualified

person

eligible

member

or licensee

in good

standing

of a

recognized

professional

organization

the

time the technical report is prepared.”

RECs

Recognized Environmental

Conditions

Appendix C

ARSHALL

ILLER

SSOCIATES

Abbreviation

Definition

Resource Database

The Resource Database is

established by the

collection, validation, recording, storing

and

processing

data

and

forms

the

foundation

necessary

for

the

estimation

Mineral Resource and Mineral Reserve.

A quality assurance and

quality control program is essential and

must be established

to govern the collection of all data.

In reporting, a Mineral Resource must meet the

minimum requirement of

“reasonable prospects for

economic extraction”.

This will

require

the

concurrent

collection

and

storage

preliminary

economic,

mining,

metallurgical, environmental,

legal and social data

and other information for

use in

the estimation of MRMR.

The Resource Database will include both “primary”

(observation and measurement)

and

“interpreted”

data.

recommended

that

data

stored

digitally,

using

documented,

standard

format

and

a reliable

storage

medium that

allows

for

easy

and complete retrieval of the data.

ROM

Run-of-mine

S-K 1300

United

States

Securities

and

Exchange

Commission

Regulation

S-K

1300

Modernization of Property Disclosures

SEC

U.S. Securities and Exchange Commission

SMCRA

Surface Mining Control

and Reclamation Act of 1977

is the primary federal law that

regulates the environmental

effects of coal mining in the United States.

Strip Ratio

Represented by bcm of overburden to recoverable

coal tonnes

tph

tonnes per hour

TRS

Technical

Report Summary

USA

United States of America

USFW

United States Fish and Wildlife

USGS

United States Geologic Survey

VALMIN Code

Australasian

Code for

Public Reporting

of Technical

Assessments and

Valuations

Mineral Assets

APPENDIX

JORC TABLE 13

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

Nature

and

quality

sampling

(e.g.

cut

channels,

random

chips,

specific

specialised

industry standard measurement

tools appropriate to

the minerals under

investigation, such

as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not

be taken as limiting the broad meaning of sampling.

Include reference

measures taken

to ensure

sample representivity

and

the appropriate

calibration of any measurement tools or systems used.

Aspects of the determination

of mineralisation that are Material to

the Public Report. In

cases

where ‘industry standard’

work has been

done this would

be relatively simple

(e.g. ‘reverse

circulation drilling was used

to obtain 1 m samples

from which 3 kg was

pulverised to produce

a 30 g charge for

fire assay’). In

other cases, more explanation

may be required, such as

where

there

coarse

gold

that

has

inherent

sampling

problems.

Unusual

commodities

mineralisation types (e.g.

submarine nodules)

may warrant disclosure of

detailed information.

Most of the coal samples have

been obtained from the Properties by

subsurface exploration using

core drilling techniques.

The protocol for

preparing and testing

the samples has

varied over time

and is not well documented for the older holes drilled on the Properties.

Typical USA

core drilling sampling technique

is for the

coal core sample,

once recovered from

the

core barrel, to be described then wrapped in a sealed plastic sleeve and placed into a covered core

box, which is the length of the sample so that the core can be delivered to a laboratory in relatively

intact condition and with original moisture content.

reasonable

assume,

given

the

sophistication

level

the

operators,

that

these

samples were generally collected and

processed under industry best-practices.

This assumption is

based on MM&A’s familiarity with the

operating companies and the

companies used to perform the

analysis.

Some

the

drill

holes

were

air

rotary

bored

and

coal

core

samples

were

collected.

Seam

thickness for rotary-drilled bore holes is verified by calibrated downhole gamma-density logs.

Coal samples

that were

deemed by

MM&A geologists

to be

unrepresentative

were not

used for

statistical analysis of coal quality, as documented in the tabulations.

A representative group of drill

hole samples from the Properties were then checked against the original drill laboratory reports to

verify accuracy and correctness.

Drilling techniques

Drill type (e.g.

core, reverse

circulation, open-hole

hammer,

rotary air

blast, auger,

Bangka,

sonic, etc.)

and details

(e.g. core

diameter,

triple or

standard tube,

depth of

diamond tails,

face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

The

Properties

have

been

extensively

explored

subsurface

drilling

efforts

carried

out

numerous entities, most of which

were completed prior to

acquisition by Coronado.

The majority

of the drilling was accomplished using vertical continuous (diamond) coring or air rotary methods.

Core drilling methods utilize NX-size (5.4 centimeter) or similar-sized core cylinders to

recover core

samples, which can

be used to

delineate geologic

characteristics, and

for coal

quality testing

and

geotechnical logging.

Data for the rotary drilled

holes is mainly derived from downhole geophysical

logs, which are used

to interpret coal and rock thickness and depth since logging of the drill cuttings is not reliable.

Geophysical logging was performed on

many of the holes, either

by Geological Logging Systems

division of MM&A), other

geophysical logging contractors,

and on those properties

acquired from

CONSOL geophysical logging was often performed by CONSOL’s in-house logging services.

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Measures

taken

maximise

sample

recovery

and

ensure

representative

nature

the

samples.

Whether a relationship exists

between sample recovery and grade

and whether sample bias

may have occurred due to preferential loss/gain of fine/coarse material.

Where

available,

core

recovery

thickness

coal

samples

was

reconciled

with

the

thickness

interpreted from geophysical logs.

Core recovery of

the older coal

samples lacking geophysical

logs is sometimes

not well-documented:

however,

when

the

laboratory

results

for

such

holes

had

anomalous

values,

the

data

was

disqualified and not used.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Logging

Whether core and chip samples

have been geologically and geotechnically logged

to a level of

detail to support appropriate

Mineral Resource estimation,

mining studies and metallurgical

studies.

Whether

logging

qualitative

quantitative

nature.

Core

(or

costean,

channel,

etc.)

photography.

The total length and percentage of the relevant intersections logged.

A wide variety of core-logging

techniques exist for the properties.

For many of the core

holes, the

primary data source

is a generalized lithology

description by the

driller, in some cases supplemented

by a more detailed core log completed by a geologist.

The logging

of core

thickness and

depth is

quantitative.

With the

exception

the coal

seams,

logging of rock strata type is more subjective and best considered as qualitative.

Sub-sampling

techniques and sample

preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

For

all

sample

types,

the

nature,

quality

and

appropriateness

the

sample

preparation

technique.

Quality control procedures adopted for all sub-sampling stages

to maximise representivity of

samples.

Measures taken to ensure that the

sampling is representative of the in

situ material collected,

including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

Typical US

practice in the

Appalachian Basin is

that core samples

for deep mineable

core samples

are not sawn or

subsampled (since seams are

not of great thickness

and the entire

seam is mined

and co-mingled).

The entire coal interval drilled is generally analyzed.

Oftentimes, core for surface-mineable coal seams are

bench sampled separately by the

various coal

and rock layers (plies).

MM&A has exercised diligence to use

only those analyses that are

representative of the coal quality

parameters for the appropriate mining type for each sample.

Quality of assay data

and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory

procedures used and

whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments,

etc., the parameters used in

determining the

analysis including

instrument make

and model,

reading times,

calibrations

factors applied and their derivation, etc.

Nature

quality

control

procedures

adopted

(e.g.

standards,

blanks,

duplicates,

external

laboratory checks) and whether acceptable levels

of accuracy (i.e. lack of

bias) and precision

have been established.

Sample analysis was typically carried out by accredited US laboratories.

Standard procedure upon receipt of

core samples by the testing laboratory

is to log the depth and

thickness of

the sample,

then perform

testing

specified by

representative

the operating

company.

Each

sample

then

analyzed

accordance

with

procedures

defined

under

ASTM

International (ASTM) standards including, but not limited to; washability (ASTM D4371); ash (ASTM

D3174); sulfur

(ASTM D4239); Btu/lb.

(ASTM D5865); volatile

matter (ASTM D3175);

Free Swell Index

(FSI) (ASTM D720).

Geophysical

tools

are

calibrated

the

logging

company

and

where

possible, validated

using

calibration hole.

Verification of

sampling and assaying

The

verification

significant

intersections

either

independent

alternative

company

personnel.

The use of twinned holes.

Documentation

primary

data,

data

entry

procedures,

data

verification,

data

storage

(physical and electronic) protocols.

Discuss any adjustment to assay data.

All coal intersection data

used to generate

the geologic model has been

cross referenced with

the

lithological and geophysical logs by MM&A.

Laboratory

quality

was

adjusted

from

dry

basis

reflect

the

anticipated

marketable

product

moisture.

Coal quality results

were verified

by spot-check

with laboratory

analysis sheets

by MM&A

before

inclusion into the geologic model and use in the resource estimate.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Location of data points

Accuracy

and

quality

surveys

used

locate

drill

holes

(collar

and

down-hole

surveys),

trenches, mine workings and other locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Due to the long history of exploration by various parties on the Properties, a wide variety of survey

techniques exist for

documentation of data

point locations.

Many of the

older exploration drill

holes

appear to

have been located

by ground survey;

more recently completed

drill holes

are often located

by high-resolution Global Positioning System (GPS) units.

Grid systems used are typically the State Plane Coordinate System pertinent to each property.

Topography

is based

on either

the USGS

topographic 7.5-minute

quadrangle

maps or

on recent

aerial photogrammetry as necessary (subject to availability).

Data spacing and

distribution

Data spacing for reporting of Exploration Results.

Whether the data

spacing and distribution

is sufficient to

establish the degree

of geological

and

grade

continuity

appropriate

for

the

Mineral

Resource

and

Ore

Reserve

estimation

procedure(s) and classifications applied.

Whether sample compositing has been applied.

Spacing and distribution of data point information may vary from seam to seam within each mining

area.

The areas estimated for coal resource and

coal reserve tonnes have been limited so that the

data spacing

and distribution

is sufficient to

establish the degree

of geological

continuity appropriate

for the estimation and classification of the coal tonnes.

MM&A performed a

geostatistical analysis using

the Drill Hole

Spacing Analysis

(DHSA) method.

This

method attempts to quantify the uncertainty of applying a measurement from a central location to

increasingly

larger

square

blocks

and

provides

recommendations

for

determining

the

distances

between drill holes for measured, indicated, and inferred resources.

All of the

coal resource

tonnes are

in the measured,

indicated, and

inferred categories,

and all of

the coal reserve

tonnes are in

the proved and

probable categories in accordance

with the JORC

Code

and SEC standards.

Orientation of data in

relation to geological

structure

Whether the orientation

of sampling achieves

unbiased sampling of

possible structures and

the extent to which this is known, considering the deposit type.

the relationship

between

the drilling

orientation and

the

orientation

key

mineralised

structures

considered

have

introduced

sampling

bias,

this

should

assessed

and

reported if material.

Drill holes have

been vertically

drilled.

No downhole deviation

logs have

been collected and

it is

therefore not

known if

the drill

holes have

deviated away

from vertical.

Based on

the relatively

shallow seam depths,

any deviation is

expected to be

insignificant and immaterial

to the geologic

characterization of the Property.

The dip

of the

coal seams

is relatively

minor,

generally 1-2

degrees and

not a

material issue

for

representation of seam thickness or quality.

Sample security

The measures taken to ensure sample security.

Sample handling procedures employed by explorationists

follow typical US protocol and

should be

adequate to ensure sample security.

Audits or reviews

The results of any audits or reviews of sampling techniques and data.

MM&A

has

reviewed

all

available

geological

information

for

the

Properties

developing

the

geologic model.

Only that data deemed

suitable has been used for

the purpose of generating

the

resource and reserve estimates.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and

land tenure status

Type,

reference

name/number,

location

and

ownership

including

agreements

material

issues with third parties such as joint ventures, partnerships,

overriding royalties, native title

interests, historical sites, wilderness or national park and environmental settings.

The security of the

tenure held at the time

of reporting along with

any known impediments to

obtaining a license to operate in the area.

The

Coronado

coal

resources

are

located

within

the

United

States

America

the

states

Virginia;

West

Virginia;

and

Pennsylvania.

Control

these

Properties

governed

multiple

agreements.

MM&A has

not carried

out separate

title verification

for the

coal properties

and has

not verified

leases, deeds, surveys or other property control instruments pertinent to the subject resources.

Coronado has represented to MM&A

that it controls the mining

rights to the coal

deposits as shown

on its property maps, and MM&A has accepted these as being a true and accurate depiction of the

mineral

rights

controlled

Coronado.

The

TRS

assumes

the

properties

are

developed

under

responsible and experienced management.

There are no known legal or environmental encumbrances that

would impede development of the

subject coal reserves.

Exploration done by

other parties

Acknowledgment and appraisal of exploration by other parties.

The

Properties

have

been

extensively

explored

subsurface

drilling

efforts

carried

out

numerous entities, most of which were completed prior to acquisition by Coronado.

This exploration work

was generally performed to

prevailing US best practice

standards and deemed

adequate for the purposes of this TRS.

Geology

Deposit type, geological setting and style of mineralisation.

The Coronado coal resources are located within the Northern and Central Appalachian Coal Basin.

The coal

deposits are Carboniferous

in age,

being of the

Pennsylvanian system

with sedimentary,

stratigraphic deposition.

Seam of

economic significance

typically ranges

between 0.3

meters and

1.8 meters

in thickness,

with relatively little structural deformation.

Regional structure is

typically characterized

by gently dipping

strata to

the northwest at

less than

one percent.

Drill hole Information

summary

all

information

material

the

understanding

the

exploration

results

including a tabulation of the following information for all Material drill holes:

•

easting and northing of the drill hole collar

•

elevation or

RL (Reduced

Level –

elevation above

sea level

in metres)

of the

drill hole

collar

•

dip and azimuth of the hole

•

down hole length and interception depth

•

hole length.

If the exclusion of this information is

justified on the basis that

the information is not Material

and this

exclusion

does not

detract

from the

understanding

of the

report, the

Competent

Person should clearly explain why this is the case.

MM&A reviewed and entered all pertinent data into a

digital geologic database for each Coronado

property.

The

database

consists

thousands

data

records,

which

include

drill

hole

and

supplemental coal seam thickness measurements from outcrop and mine exposures.

All drill holes

in the database

are provided with

a collar elevation

and the State

Plane Coordinate

System easting and northing coordinate.

After MM&A confirmed

proper coal seam

thickness and correlation, the

seam data was

modelled

and compiled into coal resource maps.

The maps are provided in the TRS show drill hole locations;

however, a

tabulation of the individual

data records is not practical to include.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Data aggregation

methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum

grade

truncations (e.g.

cutting of

high

grades) and

cut-off

grades

are usually

Material and

should be stated.

Where aggregate intercepts incorporate short

lengths of high grade

results and longer lengths

of low

grade

results, the

procedure used

for such

aggregation

should be

stated

and some

typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

If a coal seam has been

bench sampled,

the individual analyses for the coal plies

would be weight-

averaged to represent the total of recoverable coal to be included in the quality model.

Coal quality summary

results have been documented

in the TRS.

Average coal quality on

a per-seam

basis is used to represent the coal resources within a given mining area.

Average coal quality for each Coronado complex is provided in Tables 1-1, 1-2 and 1-3 of this TRS.

No other data aggregations methods are used.

Relationship between

mineralisation widths

and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation

with respect to the drill hole angle

is known, its nature

should be reported.

not

known

and

only

the

down

hole

lengths

are

reported,

there

should

clear

statement to this effect (e.g. ‘down hole length, true width not known’).

Coal thickness values from all coal

intersections and down hole geophysical

logs are considered to

be vertical thicknesses.

Seam dip of approximately 2.0 to

3.0 degrees has little effect on the

vertical

thickness of the seam.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included

for any significant discovery being reported These should include,

but not be limited to a plan

view of drill hole collar locations and appropriate sectional views.

Diagrams and maps showing the coal seam intercepts are presented in the TRS.

Balanced reporting

Where comprehensive

reporting of

all Exploration

Results is

not practicable,

representative

reporting of both low and high grades and/or widths should be practiced to avoid misleading

reporting of Exploration Results.

All of the available, qualified exploration data

has been included within the tabulations, maps, and

diagrams for this TRS.

Both coal thickness and

quality data are

deemed by MM&A to

be reasonably sufficient within

the

resource areas.

Therefore, there is a reasonable level of confidence in the geologic interpretations

required for coal resource determination based on the

available data and the techniques applied to

the data.

Other substantive

exploration data

Other exploration

data,

if meaningful

and

material,

should be

reported

including (but

not

limited to):

geological observations;

geophysical survey

results; geochemical

survey results;

bulk

samples

–

size

and

method

treatment;

metallurgical

test

results;

bulk

density,

groundwater,

geotechnical and

rock

characteristics; potential

deleterious or

contaminating

substances.

Informational material available

from the U.S.

Geological Survey and

the respective State

Surveys

was used to assist in the Resource estimate.

Further work

The

nature

and

scale

planned

further

work

(e.g.

tests

for

lateral

extensions

depth

extensions or large-scale step-out drilling).

Diagrams clearly highlighting

the areas of

possible extensions, including

the main geological

interpretations

and

future

drilling

areas,

provided

this

information

not

commercially

sensitive.

Further

work

expected

include

additional

exploration,

geotechnical

testing,

coal

quality

analyses, and coal property acquisition.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Database integrity

Measures taken to ensure that data has not been corrupted

by, for example, transcription or

keying

errors,

between

its

initial

collection

and

its

use

for

Mineral

Resource

estimation

purposes.

Data validation procedures used.

MM&A confirmed coal

seam thickness

and correlations in

databases used for

coal deposit

modelling.

Representative records were spot-checked for data entry validation.

Geophysical logs were

used wherever available to

assist in confirming

the seam correlation and to

verify proper seam thickness measurements and recovery of coal samples.

Site visits

Comment on any site visits undertaken by the

Competent Person and the outcome of

those

visits.

If no site visits have been undertaken indicate why this is the case.

MM&A is very familiar with the Properties and has conducted multiple site visits and evaluations of

the Property and adjoining properties throughout the years.

site visit

Mon Valley

was

conducted

recently

December 2023,

although there

are

facilities or surface expression of the coal reserves on the Property.

Planned surface areas for mine

facilities were viewed.

Geological

interpretation

Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral

deposit.

Nature of the data used and of any assumptions made.

The effect, if any, of alternative interpretations

on Mineral Resource estimation.

The use of geology in guiding and controlling Mineral Resource estimation.

The factors affecting continuity both of grade and geology.

Due to the relative structural simplicity of the deposits and the reasonable continuity of the tabular

coal

beds,

the

principal

geological

interpretation

necessary

define

the

geometry

the

coal

deposits is the proper modeling of their thickness and elevation.

Both coal thickness

and quality data

are deemed by

MM&A to

be reasonable within

the resource

areas.

Therefore, there is a reasonable level of confidence in the geologic interpretations required for coal

resource determination based on the available data and the techniques applied to the data.

Dimensions

The

extent

and

variability

the

Mineral

Resource

expressed

length

(along

strike

otherwise), plan width, and

depth below surface to the

upper and lower limits of

the Mineral

Resource.

The

subject

coal

resource

areas

mostly

exist

discreet,

individual

deposits

highly

variable

dimensions, shapes, and depth below the ground surface.

Such factors are best depicted in the maps contained in the TRS.

Details of the parameters

are cited within

the TRS and

included in the table

of Cut-off Parameters

listed in Section 11.1 of the TRS.

Estimation and

modelling techniques

The nature and appropriateness

of the estimation technique(s)

applied and key assumptions,

including

treatment

extreme

grade

values,

domaining,

interpolation

parameters

and

maximum

distance

extrapolation

from

data

points.

computer

assisted

estimation

method was chosen include a description of computer software and parameters used.

The availability of check estimates,

previous estimates and/or mine

production records and

whether the Mineral Resource estimate takes appropriate account of such data.

The assumptions made regarding recovery of by-products.

Estimation of

deleterious

elements or

other non-grade

variables of

economic significance

(e.g. sulphur for acid mine drainage characterisation).

In the

case of

block model

interpolation, the

block size

in relation

to the

average

sample

spacing and the search employed.

Geological

data

was

imported

into

Carlson

Mining®

(formerly

SurvCADD®)

geological

modelling

software in

the form

of Microsoft®

Excel files

incorporating, drill

hole collars,

seam and

thickness

picks, bottom

seam elevations

and raw

and washed

coal quality.

These data

files were

validated

prior to importing into the software.

Once imported, a geologic model was created.

The geological model was verified and reviewed.

Resources were estimated by

defining seam thickness at each point of observation and

by defining

resource confidence arcs around the points of observation.

Points of observation

for Measured and Indicated

confidence arcs were defined

for all drill

holes that

intersected the seam.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Any assumptions behind modelling of selective mining units.

Any assumptions about correlation between variables.

Description of how the geological interpretation was used to control the resource estimates.

Discussion of basis for using or not using grade cutting or capping.

The process of validation,

the checking process used,

the comparison of model

data to drill

hole data, and use of reconciliation data if available.

As prescribed by

the common United

States classification system the

following distances from points

of observation were used to define the corresponding Resource category arcs:

Inferred Resources

– greater

than 3,960

feet (1.2

kilometers) but

less than

15,840 feet

(4.8

kilometers)

Indicated Resources – 3,960 feet (1.2 kilometers)

Measured Resources – 1,320 feet (0.4 kilometers)

The use of the

standards commonly used in

the United States are

appropriate and customary for this

resource jurisdiction and deposition type.

MM&A performed a

geostatistical analysis test of

the Coronado data

sets using the

Drill Hole Spacing

Analysis (DHSA) method to justify coal resource confidence levels.

Based on MM&A’s analysis, it

would be possible

to extend the measured,

indicated and inferred arcs

slightly beyond historically accepted practices due

to consistent geological settings.

The QP’s have

elected not to extend arc distances, introducing a level of conservatism in the coal classification.

Moisture

Whether the tonnages

are estimated on a dry

basis or with

natural moisture, and the

method

of determination of the moisture content.

Coal resource tonnes are presented on a dry, in-situ basis.

Reserve tonnes are presented on a moist basis at

anticipated product moisture ranging from 4.0 to

6.0 percent.

Moisture content based on historic analyses of shipped coal from the region.

Cut-off Parameters

The basis of the adopted cut-off grade(s) or quality parameters applied.

The cut-off parameters were tailored

for each of the Coronado properties to be in accordance with

mining/ processing capabilities and market conditions prevalent at each operation.

Examples include minimum recoverable coal thickness, acceptable ash

content and wash recovery,

and manageable overburden to coal ratio for surface mineable coal.

Details of the parameters

are cited within

the TRS and

included in the table

of Cut-off Parameters

listed in Section 11.1 of this TRS.

These

cut-off

parameters

have

been

developed

MM&A

based

its

experience

with

the

Coronado properties

and other

mining

operations of

the Central

and

Northern Appalachian

coal

basin.

This experience includes technical and

economic evaluations of numerous properties

in the

region for the purposes of determining the economic viability of the subject coal reserves.

Mining factors or

assumptions

Assumptions made

regarding

possible mining

methods, minimum

mining dimensions

and

internal

(or,

applicable,

external)

mining

dilution.

always

necessary

part

the

process of determining

reasonable prospects for

eventual economic

extraction to

consider

potential

mining

methods,

but

the

assumptions

made

regarding

mining

methods

and

parameters when

estimating Mineral

Resources may

not always

be rigorous.

Where this

the case, this should be reported with an explanation of the basis of the mining assumptions

made.

Mining factors such as dilution, mining and washing recovery are variable and have been applied at

the coal deposits at each operation based on site-specific characteristics.

Details of the factors are cited within the TRS.

Factors

that

would

typically

preclude

conversion

coal

resource

coal

reserve

include

the

following:

inferred

resource

classification;

absence

coal

quality;

poor

mine

recovery;

lack

access; insufficient exploration; or

uncontrolled surface property

for areas of

proposed for surface

mining.

While such factors were used to preclude the conversion of a very limited number of coal resources

to coal reserves in this report, the extensive history of mining on the Properties would suggest that

there

are

reasonable

prospects

for

eventual

economic

extractions

all

coal

resources

under

favorable market conditions.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Metallurgical factors or

assumptions

The

basis

for

assumptions or

predictions

regarding

metallurgical

amenability.

always

necessary as part of the process of determining reasonable prospects for eventual economic

extraction

consider

potential

metallurgical

methods,

but

the

assumptions

regarding

metallurgical treatment processes and parameters made when reporting Mineral Resources

may

not

always

rigorous.

Where

this

the

case,

this

should

reported

with

explanation of the basis of the metallurgical assumptions made.

The products mined

from coal resources

controlled by

Coronado can be

sold into high

-, mid-, and

low-volatile metallurgical coal markets because of their inherent quality characteristics.

Run-of-mine production is washed at the coal preparation plants as needed for quality control.

Coronado may blend production from

multiple sources to manage ash

and sulfur content along with

the rheological and petrographic characteristics of the shipped products.

Environmental factors

or assumptions

Assumptions made regarding

possible waste and

process residue disposal

options. It is

always

necessary as part of the process of determining reasonable prospects for eventual economic

extraction

consider the

potential

environmental

impacts of

the mining

and

processing

operation.

While

this

stage

the

determination

potential

environmental

impacts,

particularly for

a greenfields

project, may

not always

be well

advanced, the

status of

early

consideration of

these potential

environmental

impacts should

be reported.

Where these

aspects

have

not

been

considered

this

should

reported

with

explanation

the

environmental assumptions made.

A study completed on

behalf of Coronado for

Mon Valley has

identified a Preferred

Site for refuse

disposal

Pangburn

with

capacity

22.6 million

cubic

meters.

Estimated

requirements

for

Pangburn and Shaner

combined is 29.7 million tonnes

or approximately

13.2 million cubic meters.

Permitting for such a facility is anticipated to be achievable.

MM&A completed a

Limited Phase I

Environmental Site Assessment (ESA) on

the Buchanan property

April

2016,

and

the

Logan

County

and

Greenbrier

Properties

May

2017

behalf

Coronado.

Coronado reports not having conducted such a study since the MM&A studies.

The ESAs completed

by MM&A included

a site inspection,

review of historical

records, a

database

State

and

Federal

regulatory

records

and

interviews

identify

potential

recognized

environmental conditions (RECs) that may create environmental liability for the sites.

MM&A identified one REC

at Greenbrier associated with

stained soil and

gravel near a

fueling and

maintenance area.

Coronado reported to MM&A that satisfactory clean-up efforts were completed

at Greenbrier.

Based

these

former

ESAs

completed

MM&A,

MM&A’s

opinion

that

Coronado

has

generally

typical

coal

industry

record

compliance

with

applicable

mining,

water

quality,

and

environmental laws.

Estimated costs

for mine

closure, including

water quality

monitoring during

site reclamation, are included in the TRS financial models.

Bulk density

Whether assumed or determined. If assumed, the

basis for the assumptions. If determined,

the method used, whether wet or dry,

the frequency of the measurements, the nature, size

and representativeness of the samples.

The bulk

density for

bulk material

must have

been measured

by methods

that adequately

account for

void spaces

(vugs, porosity,

etc),

moisture

and

differences

between rock

and

alteration zones within the deposit.

Discuss assumptions

for bulk density

estimates used in

the evaluation process of

the different

materials.

Laboratory

derived

seam

densities

measured

specific

gravity

were

used

where

available.

needed, these

data

were

supplemented by

estimated seam

density values

based on

the relative

proportion of coal and non-coal material within the seam (typically at 1.30 and

2.25 specific gravity,

respectively).

Average seam density was determined for each coal deposit and used

to convert coal volumes into

coal tonnage estimates.

Classification

The basis for the classification of the Mineral Resources into varying confidence categories.

Whether appropriate account has been taken

of all relevant factors

(i.e. relative confidence

in tonnage/grade

estimations, reliability

of input

data, confidence

in continuity

of geology

and metal values, quality, quantity and distribution of the data).

Whether the result appropriately reflects the Competent

Person’s view of the deposit.

The Resource has been

classified based on suitable

distances from points of observations

prescribed

in the common United States classification system.

The use of

the United States

standards is

appropriate and customary

for this resource

jurisdiction

and deposition type.

MM&A performed a

geostatistical analysis test of

the Coronado data

sets using the

Drill Hole Spacing

Analysis (DHSA) method.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Based on MM&A’s analysis, it

would be possible

to extend the measured,

indicated and inferred arcs

slightly beyond historically accepted practices due

to consistent geological settings.

The QP’s have

elected not to extend arc distances, introducing a level of conservatism in the coal classification.

All relevant factors have been

accounted for and reflect

the Competent Person’s view of

the deposit.

Audits or reviews

The results of any audits or reviews of Mineral Resource estimates.

MM&A

completed

prepared

statement

coal

resources

and

reserves

for

the

Properties

accordance with the

JORC Code as

of December 31, 2017.

MM&A also subsequently updated

the

estimate

resources

and

reserves

for

depletion

December 31, 2018,

December 31, 2019,

December 31, 2020, December 31, 2021,

and December 31, 2022.

MM&A

performed

audit

the

Properties

year

2017

for

Coronado

based

U.S.

Securities and Exchange Commission (SEC) Industry Guide 7 and USGS Circular 891 standards.

Earlier

audits

were

performed

various

independent

consultants

for

predecessors-in-title

Coronado and at various levels of detail depending on the clients concerns and the allotted time

for

completion.

Previous audits and reviews defined

the primary coal resource areas

and estimated the

recoverable tonnes for each seam based on the expected mining methods.

Additionally, MM&A

has performed proprietary

evaluations for

predecessors-in-title to Coronado,

which encompass portions of the Properties included in this TRS.

Discussion of relative

accuracy/ confidence

Where appropriate a statement of

the relative accuracy and confidence level

in the Mineral

Resource estimate using

an approach or procedure

deemed appropriate by

the Competent

Person. For example, the application of

statistical or geostatistical procedures to quantify the

relative accuracy

of the resource

within stated

confidence limits, or,

if such an

approach is

not deemed appropriate, a qualitative discussion of the factors that could affect the

relative

accuracy and confidence of the estimate.

The statement should

specify whether it

relates to global

or local estimates,

and, if local,

state

the

relevant

tonnages,

which

should

relevant

technical

and

economic

evaluation.

Documentation should include assumptions made and the procedures used.

These statements of

relative accuracy

and confidence of

the estimate should

be compared

with production data, where available.

The relative accuracy of

and confidence in the

coal tonnage and

quality estimates provided herein

are judged to be in conformance with current industry best-practices.

The

representation

average

coal

quality

characteristics

should

understood

represent

reasonably representative sampling

that is generally

indicative of coal

quality and does

not represent

a statistically rigorous approach to coal quality modeling.

Resource

estimation

has

been

completed

using

standard

coal

estimation

methods

which

are

deemed appropriate for this deposit.

Section 4 Estimation and Reporting of Ore Reserve

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral Resource

estimate for conversion

to Ore Reserves

Description of the

Mineral Resource

estimate used

as a

basis for

the conversion

to an

Ore

Reserve.

The coal

resource estimate

was prepared

as part

of the

report Coronado

Global Resources

Inc.

Statement of Coal

Resources and

Reserves in Accordance

with JORC Code

and United States

SEC

Standards as

of December 31,

2023 –

Northern and

Central Appalachian Coal

Basins –

Virginia, West

Virginia and Pennsylvania, USA – February 2024 prepared by MM&A.

The resource estimation criteria were developed by

MM&A based on the capabilities

of the mining

equipment used within the

production model and

on industry-accepted standards

to assure that

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

the basic geologic characteristics of the coal resources are

in reasonable conformity with those to

be mined and marketed by Coronado.

Clear statement as to whether the Mineral Resources are reported additional to, or inclusive

of, the Ore Reserves.

Coal resources generally are reported

inclusive of the coal reserves.

In some cases, resources are

reported in

addition to

coal reserves.

Tables

1-1 and

11-3 of

the TRS

clearly identify

resources

“inclusive

mine

plan”

from

which

coal

reserves

were

estimated

along

with

those

resources

“exclusive of mine plan” from which no reserves were estimated.

Site visits

Comment on any site visits undertaken by the

Competent Person and the outcome of

those

visits.

MM&A

very

familiar

with

the

Properties

and

has

conducted

multiple

site

visits

and

reserve

evaluations throughout the years.

A site visit

was conducted to Mon Valley as recently as December

2023 to assess proposed surface

mine facilities areas.

Currently there are no mine

facilities or surface expression of

the coal reserve

on the Property.

Study status

The type and level of study undertaken to enable Mineral

Resources to be converted to Ore

Reserves.

A preliminary feasibility LOM plan was prepared by MM&A for active and proposed mines.

The Code requires that a study to at least Pre-Feasibility Study

level has been undertaken to

convert Mineral Resources to Ore Reserves.

Such studies will have been carried out and will

have determined a mine plan that is

technically achievable and economically viable, and that

material Modifying Factors have been considered.

This geologic evaluation conducted in accordance with JORC and SEC standards and in conjunction

with the preliminary feasibility study is sufficient to conclude that the

surface, highwall miner and

underground

coal

reserves

identified

the

Properties

are

economically

mineable

under

reasonable expectations of

market prices

for thermal

and metallurgical

coal products, estimated

operation costs, and capital expenditures.

The pre-feasibility

financial models,

prepared by

MM&A for

this TRS,

was developed

to test

the

economic viability of each coal resource area.

Proved and probable coal reserve were derived from the defined in-situ coal

resource considering

relevant

processing,

economic

(including

independent

estimates

capital,

revenue

and

cost,

marketing, legal, environmental, socioeconomic, and regulatory factors).

Cut-off parameters

The basis of the adopted cut-off grade(s) or quality parameters applied.

The cut-off parameters were tailored for each of the Coronado

properties to be in accordance with

mining/ processing capabilities and market conditions prevalent at each operation.

Examples include minimum recoverable coal thickness,

acceptable ash content and wash recovery,

and manageable overburden to coal ratio for surface mineable coal.

Details of the parameters are cited within

the TRS and included in the table of Cut-off

Parameters

listed in Section 11.1 of this TRS.

These

cut-off

parameters

have

been

developed

MM&A

based

its

experience

with

the

Coronado properties and are typical of mining

operations in the Central and Northern Appalachian

coal basin.

This experience includes technical

and economic evaluations of numerous

properties in

the region for the purposes of determining the economic viability of the subject coal reserves.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Mining factors or

assumptions

The method and

assumptions used as

reported in the

Pre-Feasibility or

Feasibility Study to

convert the

Mineral Resource

to an

Ore Reserve

(i.e. either

by application

of appropriate

factors by optimisation or by preliminary or detailed design).

After validating coal seam data

and establishing correlations, the

thickness and elevation for seams

of economic interest were used to generate a geologic model.

pre-feasibility

LOM

plan

was

prepared

MM&A

for

active

and

proposed

mines.

MM&A

prepared mine

projections and

production timing

forecasts

based on

coal seam

characteristics.

Production timing was carried out from 2024 to depletion (exhaustion) of the coal reserve areas.

The choice, nature and appropriateness

of the selected mining method(s) and

other mining

parameters including associated design issues such as pre-strip, access, etc.

The

room-and-pillar mining

method was

selected to

model the

underground

mining

resources,

utilizing continuous miners for coal

extraction, shuttle cars for production section haulage

and roof

bolters for

roof control,

with the exception

that the Buchanan

Mine also uses

longwall shearers,

armored face

conveyors,

and hydraulic

self-advancing roof

support.

The resource

areas located

above drainage

are relatively

small and

often have

irregular boundaries.

The Buchanan Mine

Buchanan County, Virginia is the only active longwall mine currently being operated by Coronado.

The Coronado

underground mining

resource areas

which are

located above-drainage

require an

access road and mine

access development along the

outcrop, whereas below-drainage mines

are

accessed via shaft

or slope based

on other proposed

surface infrastructure locations and/or

surface

property control.

The surface mining method

selected utilizes highly productive hydraulic shovels, front-end

loaders,

large

tractors

and

rock

trucks

for

overburden

removal.

The

mobile

equipment

spreads

adapt

readily to winding coal

outcrops for contour surface mining and

are effective for point-removal and

area mining applications.

Application of highwall and auger

mining units is an effective method

to recover coal resources not

suitable for underground mining and under excessive cover for surface mining.

The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes,

etc.),

grade control and pre-production drilling.

Mining

plans

for

potential

underground

mines

were

developed

MM&A.

Pillar

stability

was

tested by MM&A

using the Analysis of Coal

Pillar Stability (ACPS) program

that was developed by

the National Institute for Occupational Safety and Health (NIOSH).

Coronado must obtain approved

mining plans from United

States Department of Labor

Mine Safety

and

Health

Administration

(MSHA)

that

define

safety

parameters

for

the

highwalls

developed

during

contour

and

area

mining.

MM&A’s

planning

model

does

not

require

input

specific

highwall design

parameters

but provides

for timing

of mining

within mine

plan polygons

that is

representative of the operation performance attained at Central Appalachia surface mines.

Highwall and auger mining is conducted under highwalls designed and constructed to meet MSHA

permit requirements.

To better assure highwall stability and safety during

highwall coal extraction,

MSHA requires

that coal

fenders,

or stumps,

be left

in place

between successive

cuts.

Periodic

barrier pillars must be left in

place as an additional safeguard.

MM&A has adjusted the expected

mining recovery

for highwall

and auger

mining resources

to reflect

highwall stability

and safety

requirements.

The

major

assumptions

made

and

Mineral

Resource

model

used

for

pit

and

stope

optimisation (if appropriate).

Underground

Mining

Resources:

For

metallurgical

resources,

minimum

coal

seam

thickness

extends down to between 0.6 and 1.2 meters and a minimum overburden (depth of cover) of 30.5

meters.

A 61-meter horizontal

distance is maintained

from abandoned mines

and sealed

or pillared

areas, and a 30-meter

horizontal distance is maintained from

planned highwall miner panels.

Mine

recovery is reduced when a rider coal seam

is present within a 1.5- to 3.0-meter interval above

the

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

coal seam.

No mining is projected when the interval between overlying and underlying reserves is

less than 12 meters.

Surface Mining

Resources:

For classification

as a

surface-mineable resource,

a seam

must be

least 0.3 meters in thickness

as a stand-alone (principal) seam

and 0.15 meters in thickness when

less than

0.8 meters

from a

principal seam.

The maximum

cumulative area

mining strip

ratio is

generally 20:1 for thermal coal and 30:1 for metallurgical coal.

Some areas were assessed for their

economic viability at higher

ratios and were included as reserves

if deemed economic.

For contour

surface mining, a minimum of 38-meter bench is provided to support HWM.

HWM and Auger Mining Resources: HWM cut depth (penetration) is established at

a maximum of

244 meters.

The minimum

mineable coal thickness

is limited

at 0.6

meters. For

coal seams

less

than 0.8 meters

thick, roof and/or floor

characteristics must allow

OSD cutting to

maintain a 0.8-

meter minimum cutting height.

Auger mining cut depth is established at an average of 91 meters.

The minimum mineable coal thickness is limited at 0.5 meters.

The mining dilution factors used.

Underground Mining Reserves:

The planning model assigns minimum mining heights of 1.4 to 1.8

meters for mains and panel development.

At the Buchanan Mine, a minimum mining height

of 1.8

meters was used due to the longwall mining

method being employed.

For coal seams thinner than

the assigned

mining

height,

the difference

between

the

coal

seam

height

and

assigned mining

height consists

of OSD.

In all

cases a

minimum of

0.05 meters

of OSD

was

assumed, with

the

exception of

the Mon

Valley

mines, where

a minimum

0.15 meters

of OSD

was assumed

due to

weaker floor strata.

Surface Mining Reserves:

Area mining is generally limited to

a cumulative overburden ratio of 30:1

and a 15:1 ratio for contour mining.

Exceptions were considered for mining of metallurgical grade

coal where deemed economical.

It is assumed that careful cleaning of exposed coal pits will result

in minimal OSD.

HWM and

Auger Mining

Reserves:

The mining

plan assumes

that the

HWM cutting

height is

minimum of 76 to

99 centimeters for

clearance purposes.

When the coal seam

is less than 76

99 centimeters

thick, OSD is

assumed and

included in the

ROM product.

Because the auger

has

very limited OSD

cutting ability,

it is assumed

that an appropriate

auger diameter will

be chosen

based on the coal seam thickness and that OSD will be minimal.

The mining recovery factors used.

Underground Mining

Reserves:

Mine recovery

generally

varies between

40 and

60 percent

for

continuous mining panels, and 100 percent for longwall.

Surface Mining

Reserves:

Mining recovery is

90 percent for

virgin areas.

Mining recovery is

reduced

where second mining is projected in previously underground and auger mined areas.

HWM and Auger Mining

Reserves:

A mine recovery of

40 percent has been

applied for HWM.

mine recovery of 35 percent has been applied for auger mining.

Any minimum mining widths used.

Underground Mining Reserves:

Typical entry width is 5.8 to 6.1 meters.

The

manner

which

Inferred

Mineral

Resources

are

utilised

mining

studies

and

the

sensitivity of the outcome to their inclusion.

Proved and probable coal reserve were derived from the defined in-situ coal

resource considering

relevant

processing,

economic

(including

independent

estimates

capital,

revenue

and

cost,

marketing, legal, environmental, socioeconomic, and regulatory factors).

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Mine plan LOM tonnage includes

inferred coal and those areas that

do not meet the minimum coal

thickness requirement for classification as reserve.

Inferred coal represents approximately 0.6% of

the LOM production for Mon Valley

and 0.000001% of the total LOM production for

Logan.

None

of this coal was included in the estimate of reserves.

The infrastructure requirements of the selected mining methods.

Underground Mining Resources:

The continuous mining

method provides for the

extraction of coal

from the production faces

using continuous miners (and

longwall shearing machine at

Buchanan)

and haulage

using shuttle

cars

or battery

haulers

to a

feeder-breaker

located

the tail

of the

section conveyor belt.

The feeder-breaker crushes large pieces of coal and rock and regulates coal

feed onto the mine

conveyor.

A chain conveyor

is used to remove

coal from the

longwall face at

the

Buchanan

Mine

for

placement

onto

the

conveyor

belt

which

ultimately

delivered

underground storage

bunker.

Roof-bolting

machines are

used to

install

roof bolts,

and battery

scoops are available to clean the mine entries

and assist in delivery of mine supplies

to work areas.

Surface ventilation

fans are

installed as

needed to provide

a sufficient

volume of

air to

ventilate

production

sections,

coal

haulage

and

transport

entries,

battery

charging

stations,

and

transformers in accordance with approved plans.

Coronado

currently

operates

three

coal

preparation

plants,

one

each

the

Buchanan,

Logan

County and Greenbrier

Divisions.

The Buchanan Plant

operates at a feed rate of approximately 907

raw tonnes per hour (tph), whereas the Saunders

Plant (Logan County Division) has a nominal feed

rate of 816 tph, and the Mountaineer Plant (Greenbrier Division) operates at 544 tph.

MM&A has

included

capital

estimates

for

construction

additional

coal

preparation

plants

the

Russell

County and Mon Valley Complex for the purposes of this TRS.

Surface Mining Resources: The surface

mining mobile equipment spreads

advance the contour and

area

mining

pits

while

systematically

reclaiming

the

trailing

side

pits

where

coal

has

been

removed.

The coal haul roads are extended and maintained as the pits advance.

Support facilities

are maintained

nearby but

away

from the

active mining,

and include

storage

areas for

blasting

agents, fuel and lubricants, and mine supplies along with maintenance facilities and offices.

Most

of the surface mine production is transported to a

loading point for crushing, blending and direct-

shipment to customers.

HWM and

Auger Resources:

The HWM

equipment advances along

with the

contour mining

pits.

The rate of

advance of the contour

mining is governed by

the advancement rate

of the HWM.

diesel-powered generator trails the highwall miner and powers the continuous mining unit.

Other

support facilities are provided along

with the contour mining support facilities.

HWM production

is all transported by truck to the coal preparation plant for washing.

Metallurgical factors or

assumptions

The metallurgical process

proposed and the

appropriateness of that

process to

the style of

mineralisation.

Coarse material is

washed in a

heavy medium vessel.

Intermediate-size material is washed

in heavy

medium cyclones.

Fine material is washed using conventional froth flotation cells.

Whether the metallurgical process is well-tested technology or novel in nature.

Processes are typical of those

used in the coal industry

and are in use at

adjacent coal processing

plants.

The

nature,

amount

and

representativeness

metallurgical

test

work

undertaken,

the

nature of the metallurgical domaining applied and the corresponding metallurgical recovery

factors applied.

The quality characteristics for the subject

coal resources and coal reserves

have been reviewed in

detail by MM&A.

The drill hole data

were utilized to

develop average coal

quality characteristics

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

mining

site.

These

average

coal

quality

characteristics

were

then

utilized

the

basis

for

determining the various markets into which the saleable coal will likely be placed.

Any assumptions or allowances made for deleterious elements.

No significant effects

on product quality

are anticipated from

dilution material;

float product quality

was used to model final product quality.

The

existence

any

bulk

sample

pilot scale

test

work

and

the

degree

which

such

samples are considered representative of the orebody as a whole

No bulk sample or pilot scale work has been completed.

For minerals that

are defined by a

specification, has the ore

reserve estimation been based

on the appropriate mineralogy to meet specifications?

Notwithstanding the complexity of the coal quality

data set, the seams of the central and northern

Appalachian coalfields have a long history of providing both

high-Btu thermal coals and high-, mid-

and low-volatile coking coals with favorable metallurgical properties.

Environmental

The

status

studies

potential

environmental

impacts

the

mining

and

processing

operation. Details

of waste

rock

characterisation and

the consideration

of potential

sites,

status of design

options considered and,

where applicable, the

status of approvals for

process

residue storage and waste dumps should be reported.

A study

completed

on behalf

of Coronado

has identified

a Preferred

Site

for

refuse

disposal at

Pangburn with

capacity of

22.6 million cubic

meters.

Estimated requirements

for Pangburn

and

Shaner combined is 29.7 million tonnes or

approximately 13.2 million cubic meters.

Permitting for

such a facility is anticipated to be achievable.

MM&A

completed

Limited

Phase

Environmental

Site

Assessment

(ESA)

the

Buchanan

property in April 2016, and on the Logan County and Greenbrier Properties in May 2017 on behalf

of Coronado.

MM&A identified one REC at Greenbrier associated with stained soil and gravel near a fueling and

maintenance area.

Coronado reported to

MM&A that

satisfactory clean-up efforts were

completed

at Greenbrier.

Based on

these former

ESAs

completed

MM&A,

it is

MM&A’s

opinion that

Coronado

has

generally

typical

coal

industry

record

compliance with

applicable mining,

water

quality,

and

environmental laws.

Estimated costs for

mine closure, including

water quality monitoring

during

site reclamation, are included in the TRS financial models.

Infrastructure

The existence of

appropriate infrastructure: availability of

land for plant

development, power,

water,

transportation

(particularly for

bulk

commodities),

labour,

accommodation;

or the

ease with which the infrastructure can be provided or accessed.

Coronado currently

operates

one surface

mine (Toney

Fork Mine

the Logan

Mine Complex);

Coronado also controls the idle Midland Surface Mine at the Greenbrier Mine Complex.

Coronado operates

five underground

mines as

follows:

Buchanan Mine

at the

Buchanan Mine

Complex; Winifrede,

Eagle No.

1, Muddy

Bridge and

Lower War

Eagle Mines

in the

Logan Mine

Complex; the Mountaineer #1 Mine at the Greenbrier Mine Complex is currently

idle.

All

ROM

production

is currently

planned for

either

truck transportation

from

the mines

the

processing or shipping facilities, or in some cases there

is either a current or planned mine mouth

preparation plant and barge/rail loading facility.

There is a

network of public

highways that provide serviceable

coal haul routes and

private, internal

roads on the

Properties would be

developed as may

be needed.

Rail service to

the Properties is

most

readily

provided

and

CSX

with

connections

both

domestic

consumers

and

international trans-shipment

points.

NS track

is located

across the

Monongahela River

from the

proposed Pangburn Hollow load-out

facility.

Coal would be shipped

to customers via barge and

rail

and sold as both metallurgical and thermal products.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Costs

The derivation of, or assumptions made, regarding projected capital costs in the study.

The methodology used to estimate operating costs.

Coronado provided historical

and 5-year

budget operating

costs for

its active mines

for MM&A’s

review.

MM&A used the historical and/or

budget cost information as

a reference and developed

personnel schedules for each mine.

Hourly labor rates and salaries were

based upon information

contained in

Coronado’s

financial summaries.

Fringe benefit

costs were

developed for

vacation

and holidays, federal and state unemployment insurance, retirement,

workers’ compensation and

pneumoconiosis,

casualty

and

life

insurance,

healthcare

and

bonuses.

cost

factor

for

mine

supplies was developed that relates expenditures to mine advance rates for roof control costs and

other mine

supply costs

at underground

mines.

Other factors

were developed

for maintenance

and repair costs, rentals, mine power, outside services and other direct mining costs.

Surface mine

direct operating

costs were

developed as

a function of

overburden ratio

for repair

and

maintenance supplies,

diesel fuel,

explosives

and

blasting,

and

miscellaneous supplies

and

services.

Operating costs for highwall mines are

based on costs per ROM tonne estimates.

Other

cost factors

were developed

for coal

preparation plant

processing, refuse handling,

coal loading,

trucking, property taxes, and insurance and

bonding.

Appropriate royalty rates were

assigned for

production from leased

coal lands and

sales taxes

were calculated

for state

severance taxes,

the

federal black lung excise tax, and federal and state reclamation fees.

Capital schedules were developed

by MM&A for

mine development, infrastructure, and

on-going

capital requirements for the life of each projected mine.

Staffing levels

were prepared

and operating costs

estimated by

MM&A for

each projected mine.

MM&A utilized historical cost

data provided by

Coronado and its own

knowledge and experience

to estimate direct and indirect operating costs.

Allowances made for the content of deleterious elements.

No allowances

have been

made for

deleterious elements;

no impact

to quality

from deleterious

elements is anticipated.

The

derivation

assumptions

made

metal

commodity

price(s),

for

the

principal

minerals and co- products.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market

observed forward estimates

based on global

economic supply and

demand analysis

which is applied to mine

plan sales volumes and product

mix and is supplemented with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US real dollars per metric tonne.

MM&A applied a 2% inflation factor in order

to estimate the prices in nominal dollars.

Derivation of transportation charges.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market

observed forward estimates

based on global

economic supply and

demand analysis

which is applied to mine

plan sales volumes and product

mix and is supplemented with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US real dollars per metric tonne.

MM&A applied a 2% inflation factor in order

to estimate the prices in nominal dollars.

MM&A utilized this data for price forecasting in financial

modeling.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

The basis for forecasting or source of treatment and refining charges, penalties for failure

meet specification, etc.

MM&A utilized historical cost

data provided by

Coronado and its own

knowledge and experience

to estimate direct and indirect operating costs.

All ROM production is currently planned for either

truck transportation from the mines to the processing or shipping facilities, or in some cases there

is either a current or planned mine mouth preparation plant and barge/rail loading facility.

The allowances made for royalties payable, both Government and private.

Appropriate royalty rates were assigned for

production from leased coal

lands and sales taxes were

calculated

for

state

severance

taxes,

the

federal

black

lung

excise

tax,

and

federal

and

state

reclamation fees.

Revenue factors

The

derivation

of,

assumptions

made

regarding

revenue

factors

including

head

grade,

metal

commodity

price(s)

exchange

rates,

transportation

and

treatment

charges,

penalties, net smelter returns, etc.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market

observed forward estimates

based on global

economic supply and

demand analysis

which is applied to mine

plan sales volumes and product

mix and is supplemented with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US real dollars per metric tonne.

MM&A applied a 2% inflation factor in order

to estimate the prices in nominal dollars.

MM&A utilized this data for price forecasting in financial

modeling.

The Greenbrier property is not considered material to Coronado’s business or financial conditions,

and thus no

update was completed for Greenbrier in

2024.

Resources exclusive of reserves, as

well

as reserves, are based on assumed

long-term average price

as of December 31, 2022 provided by

Coronado, representing Coronado’s long-term average

price forecast for Greenbrier at that time.

The derivation of assumptions

made of metal or

commodity price(s), for the principal

metals,

minerals and co-products.

Coal sales prices as defined above.

All reported reserves are on a marketable basis.

Market assessment

The demand, supply

and stock

situation for

the particular commodity,

consumption trends

and factors likely to affect supply and demand into the future.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market

observed forward estimates

based on global

economic supply and

demand analysis

which is applied to mine

plan sales volumes and product

mix and is supplemented with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US real dollars per metric tonne.

MM&A applied a 2% inflation factor in order

to estimate the prices in nominal dollars.

MM&A utilized this data for price forecasting in financial

modeling.

A customer

and competitor analysis

along with the

identification of likely

market windows

for the product.

All of

the mine

production serves

metallurgical

and thermal

markets.

The

metallurgical

coal is

marketed

high-volatile

(typically

percent

or greater

volatile

matter

content);

mid-volatile

(typically 23- to 27-percent volatile matter content) and low-volatile (typically less than 23 percent

volatile matter content) products.

Raw ROM production that

requires washing is

currently processed through

Coronado owned and

operated coal preparation plants.

ROM coal

that does

not require

further processing

is delivered

directly to

the loading

points for

sizing and delivery

to customers.

Coronado has access

to two rail

-loading points serviced

by the

Norfolk Southern Corporation (NS) and two rail-loading points serviced by CSX Corporation (CSX).

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Price and volume forecasts and the basis for these forecasts.

Carlson

Mining

was

used

MM&A

generate

mine

plans

for

underground-

and

surface-

mineable coal seams.

Underground mine plans were sequenced

based on productivity schedules

provided by Coronado, which

were based on historically

achieved productivity levels.

Surface mine

plans were

generated under

productivity assumptions (bank

cubic yard

per shift)

as provided

Coronado

and

reviewed

MM&A,

again

based

heavily

productivity

levels

achieved

Coronado.

All

production

forecasting

ties

assumed

production

rates

geological

models

constructed independently by MM&A’s team of geologists and mining engineers.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market

observed forward estimates

based on global

economic supply and

demand analysis

which is applied to mine

plan sales volumes and product

mix and is supplemented with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US real dollars per metric tonne.

MM&A applied a 2% inflation factor in order

to estimate the prices in nominal dollars.

MM&A utilized this data for price forecasting in financial

modeling.

Economic

The inputs to the economic analysis to produce the net present value (NPV) in the study, the

source and confidence of these economic inputs

including estimated inflation, discount rate,

etc.

On an unlevered basis, the

NPV of the project cash flows

after taxes was estimated for the purpose

classifying

coal

reserves.

The

project

cash

flows,

excluding

debt

service,

are

calculated

subtracting direct and indirect operating

expenses and capital expenditures from

revenue.

Direct

costs

include

labor,

drilling and

blasting,

operating

supplies, maintenance

and

repairs,

facilities

costs for materials handling, coal preparation,

refuse disposal, coal loading, sampling and analysis

services, reclamation

and general

and administrative

costs.

Indirect costs

include statutory

and

legally agreed

upon fees

direct extraction

of the

mineral.

The indirect

costs are

the

Federal black

lung tax,

Federal and

State reclamation

taxes, property

taxes,

local transportation

prior to delivery at

rail or barge loading sites, coal

production royalties, sales and use

taxes, income

taxes

and

State

severance

taxes.

Coronado’s

historical

costs

provided

useful

reference

for

MM&A’s cost estimates.

Coronado provided MM&A with price forecasts for all Properties.

Customer coal pricing is derived

from market

observed forward estimates

based on global

economic supply and

demand analysis

which is applied to mine

plan sales volumes and product

mix and is supplemented with

Coronado’s

in-house

knowledge

applicable

rail

transportation

charges,

ocean

freight

charges

and

port

charges.

Coal price forecasts for the various products were provided by Coronado for various coal

markets in terms of US real dollars per metric tonne.

MM&A applied a 2% inflation factor in order

to estimate the prices in nominal dollars.

MM&A utilized this data for price forecasting in financial

modeling.

All costs and prices are based on year-end 2023 nominal United States dollars.

pre-feasibility

LOM

plan

was

prepared

MM&A

for

active

and

proposed

mines.

MM&A

prepared mine

projections and

production timing

forecasts

based on

coal seam

characteristics.

Production timing was

carried out from

2024 to depletion (exhaustion)

of the coal reserve

areas,

which is projected for the year 2101.

The all-mines average

cash cost ranges

between approximately $73

and $338 per tonne for

most

of the operating period.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

NPV ranges and sensitivity to variations in the significant assumptions and inputs.

An estimate of NPV at a base discount rate of 10.0% was included in Section 19 of the TRS.

NPV of the Buchanan,

Russell, Mon Valley,

Logan and Greenbrier

Properties was estimated

to be

$1.804 billion,

$155.1 million,

$563.4 million,

$616.8 million and

$62.7 million,

respectively.

The

Greenbrier NPV is based on December 31,

2022 coal sales price information provided by

Coronado

as described previously.

The

sensitivity

study

shows

the

NPV

the

10.0%

discount

rate

when

Base

Case

sales

prices,

operating costs, and capital

costs are increased and

decreased in increments of

5% within a +/-

15%

range.

Social

The

status

agreements

with

key

stakeholders

and

matters

leading

social

license

operate.

Portions

the

properties

are

located

near

local

communities.

Regulations

prohibit

mining

activities within

meters

residential

dwelling,

school,

church,

similar

structure

unless

written consent is first obtained from

the owner of the structure.

Where required, such consents

have been obtained where mining is proposed beyond the regulatory limits.

Other

the extent relevant,

the impact of

the following on

the project and/or

on the estimation

and

classification of the Ore Reserves:

Any identified material naturally occurring risks.

No material naturally occurring risks have been identified.

The status of material legal agreements and marketing arrangements.

The

Coronado

coal

resources

are

located

Buchanan, Russell

and

Tazewell

Counties, Virginia;

Greenbrier,

Logan,

Boone,

Wyoming

and

Greenbrier

Counties,

West

Virginia;

Allegheny,

Washington and Westmoreland Counties, Pennsylvania.

MM&A has not

carried out separate

title verification for

the coal properties

and has not

verified

leases, deeds, surveys or other property control instruments pertinent to the subject resources.

Coronado has represented to MM&A that it controls the mining

rights to the reserves as shown on

its property maps,

and MM&A has

accepted these as

being a

true and accurate

depiction of the

mineral

rights

controlled

Coronado.

The

TRS

assumes

the

properties

are

developed

under

responsible and experienced management.

The status

of government

agreements and

approvals critical

to the

viability of

the project,

such as

mineral tenement

status and

government and

statutory approvals.

There must

reasonable

grounds

expect

that

all

necessary

Government

approvals

will

received

within the

timeframes anticipated

in the

Pre-Feasibility

or Feasibility

study.

Highlight and

discuss the materiality of any unresolved

matter that is dependent on

a third part on which

extraction of the reserve is contingent.

Coronado has

obtained all

mining and

discharge permits

to operate

19 underground

mines, 15

surface mines, and 16 processing,

loadout or related facilities.

MM&A is unaware of any

obvious

or current Coronado permitting issues that

are expected to prevent the issuance of future permits.

Coronado, along

with all

Central and

Northern Appalachian basin

coal producers,

is subject

to a

level

uncertainty

regarding

future

clean

water

permits

due

United

States

Environmental

Protection Agency (EPA) involvement with state programs.

Classification

The

basis

for

the

classification

the

Ore

Reserves

into

varying

confidence

categories.

Whether the result

appropriately reflects the

Competent Person’s

view of the

deposit. The

proportion

Probable

Ore

Reserves

that

have

been

derived

from

Measured

Mineral

Resources (if any).

Measured

and

indicated

resources

have

been

converted

proved

and

probable

reserves,

respectively.

None of the probable coal reserves have been derived from measured resources.

In a limited number of cases where there was

only very limited data available to

demonstrate the

metallurgical suitability

of a

given coal

deposit, that

deposit was

classified as

a probable

reserve

instead of a proved reserve.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

The results of

this TRS define an

estimated total initial ROM recoverable ore

(coal) reserve estimate

of 548 million tonnes for Coronado as follows:

Buchanan =

154 Mt

Logan

135 Mt

Greenbrier=

12 Mt

Russell =

50 Mt

Mon Valley =

197 Mt

Coronado controls a

total of 333

Mt (moist basis) of

marketable coal reserves

for Coronado as

December 31, 2023 (total may not add due to rounding).

Of that total, 74 percent are proved, and

26 percent are probable.

Total reserves by complex are as follows:

Buchanan =

92 Mt

Logan

71 Mt

Greenbrier=

7 Mt

Russell =

30 Mt

Mon Valley =

134 Mt

Audits or reviews

The results of any audits or reviews of Ore Reserve estimates.

MM&A

completed

prepared

statement

coal

resources

and

reserves

for

the

Properties

accordance with the JORC Code as of December 31, 2017.

MM&A also subsequently updated the

estimate of

resources and

reserves for

depletion as

of December 31,

2018, December 31,

2019,

December 31, 2020, December 31, 2021,

and December 31, 2022.

MM&A performed

a previous

audit

of the

Properties

in year

2017 for

Coronado

based on

U.S.

Securities

and

Exchange

Commission

(SEC)

Industry

Guide

standards.

Earlier

audits

were

performed by various

independent consultants for

predecessors-in-title to Coronado

and at various

levels of detail depending

on the clients concerns and

the allotted time for

completion.

audits and reviews defined the primary coal resource areas and estimated the recoverable tonnes

for each seam based on the expected mining methods.

Additionally, MM&A has performed proprietary evaluations for predecessors-in-title to Coronado,

which encompass portions of the Properties included in this TRS.

Discussion of relative

accuracy/ confidence

Where

appropriate

statement

the

relative

accuracy

and

confidence

level

the

Ore

Reserve estimate

using an

approach or

procedure deemed

appropriate by

the Competent

Person. For example, the application of

statistical or geostatistical procedures to quantify the

relative accuracy of the reserve within stated confidence limits, or, if such an approach is

not

deemed appropriate,

a qualitative

discussion of

the factors

which could

affect the

relative

accuracy and confidence of the estimate.

Operations on the

Properties by Coronado

and its predecessors

have been on-going for

many years.

MM&A

is confident

that the

mine

plans

and

financial models

are

reasonably

representative

provide an accurate estimation of coal reserves.

Mine development and operation have not been optimized within the TRS.

The statement should

specify whether it

relates to global

or local estimates,

and, if local,

state

the

relevant

tonnages,

which

should

relevant

technical

and

economic

evaluation.

Documentation should include assumptions made and the procedures used.

Proved and probable coal reserve were derived from the defined in-situ coal

resource considering

relevant

processing,

economic

(including

independent

estimates

capital,

revenue

and

cost),

marketing, legal, environmental, socioeconomic, and

regulatory factors on a global scale

as current

local data reflects the global assumptions.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Accuracy

and

confidence

discussions should

extend

specific discussions

of any

applied

Modifying Factors

that may

have

a material

impact on

Ore Reserve

viability,

or for

which

there are remaining areas of uncertainty at the current study stage.

The major risk factors for the active Coronado mines and future resource development are summarized

below:

Mine Accidents

Highwall Failure.

Highwall failures are likely

to result in a temporary

mine closure and should not

have a material impact on the mine sustainability.

The risk is considered to be probable.

Adverse Geological Conditions.

Adverse geological conditions include such

conditions as faults and

sandstone

washouts.

The

risk

considered

probable.

The

impact

expected

temporary with little material impact on mine sustainability.

Environmental Risk.

Numerous federal and

state permits are

required to operate

coal mines and

mine surface facilities.

Permitting rules are

complex and may change

over time, making

compliance

difficult or impossible.

Water

Quality.

Permit

requirements

fulfill

Clean

Water

Act

obligations

are

subject

modification.

The probability of

water quality changes

having a material

impact on mine

operations

possible.

contemporary

example,

the

selenium

discharge

issue

that

affects

western

Canadian and Central Appalachian Basin operators has only recently emerged as a concern and its

ultimate impact has not been determined.

New Permits.

Permit protests by

environmental groups

and individuals can

contribute to permit

delays

denial

and

increase

the

cost

permitting

and

delay

development.

Surface

mining

activities,

coal

refuse

disposal

and

construction

access

roads

mountainous

terrain

often

require storage

of material

in valley

fills.

Authority to

dispose of

fill material

into waters

of the

United States must be granted

by the United States

Army Corps of Engineers (COE).

COE permits

are increasingly difficult to obtain.

Regulatory Requirements.

Adverse impact from regulatory changes

is considered to be probable.

The impact will likely affect the broader industry and is not expected to result in mine closure.

Market Risk.

Metallurgical and thermal coal markets ultimately depend

upon the global steel and

thermal coal demand and are considered

to be volatile.

Currently, the US

coal market has seen a

decline in demand for thermal coal due to thermal plant closures, as a result of new air and water

pollution regulations, and competition from other

commodities used for power generation such as

natural gas.

This has resulted in an overall decline in CAPP coal production.

Continued regulatory

changes

and

declining

demand

could

result

material

changes

domestic

and

global

coal

markets.

The impact

cannot be

predicted at

this time;

however,

while MM&A

expects the

coal

reserve within this TRS

to remain economically viable

throughout the life

of the projected mines,

the LOM financial model is very sensitive to

changes in coal sales price and therefore market risk is

not insignificant.

Labor Risk.

Work stoppage

due to

organized

labor protests

is considered

to be

unlikely and

not

likely to lead to permanent mine closure.

The mines are likely to suffer the loss of key

supervisors

and skilled employees due to retirement as the workforce ages.

The problem is industry-wide and

the impact is expected to be temporary and have no sustained impact on coal production.

Availability of

Equipment and

Supplies.

Risk of

equipment and

supply availability

is likely

to be

temporary and should not have a sustained adverse impact on the production of coal.

Statement of Coal Resources and Reserves

in Accordance with SEC and the JORC Code as of December 31, 2021

Northern and Central Appalachian Coal Basins –

Virginia, West Virginia and Pennsylvania, USA

Appendix D:

JORC Table 1

ARSHALL

ILLER

SSOCIATES

Criteria

JORC Code explanation

Commentary

Transportation

Delay.

Interruption of

coal transport

services by

river or

rail is

considered to

probable but unlikely to have a sustained impact on coal production.

recognised

that

this

may

not

possible

appropriate

all

circumstances.

These

statements of

relative

accuracy and

confidence of

the estimate

should be

compared with

production data, where available.

Mine plans, productivity expectations

and cost estimates

generally reflect

historical performance

and efforts have been made to adjust plans and costs to reflect future conditions.